https://fullycrypto.com/12-charged-in-263-million-crypto-theft-and-money-laundering-scheme
A federal grand jury has indicted twelve individuals for their roles in a sophisticated cybercrime operation that allegedly stole over $263 million in cryptocurrency. The group is accused of laundering the proceeds through various means and spending lavishly on luxury items and experiences. The group is accused of orchestrating a complex scheme involving hacking, social engineering, money laundering, and home invasions.
Cybercrime Operation Unveiled
On May 15, 2025, the U.S. Department of Justice announced charges against 12 individuals in connection with a cyber-enabled racketeering conspiracy that allegedly resulted in the theft of over $263 million in cryptocurrency. The defendants, comprising both U.S. citizens and foreign nationals, are accused of orchestrating a multifaceted scheme involving hacking, domestic break-ins, social engineering, and money laundering. Several arrests have been made in California, while two suspects are believed to be residing in Dubai.
According to the indictment, the operation began as early as October 2023 and continued through March 2025, with the conspirators allegedly meeting through online gaming platforms. They assumed various roles within the enterprise, including database hackers, organizers, target identifiers, callers, money launderers, and residential burglars. The hackers obtained cryptocurrency-related databases, which were then analyzed to identify high-value targets.
Callers then used social engineering tactics to deceive victims into revealing sensitive information, facilitating unauthorized access to their cryptocurrency wallets.
Lavish Spending of Illicit Gains
The indictment details extravagant expenditures made with the stolen funds. Members of the enterprise allegedly spent up to $500,000 per night at nightclubs, purchased luxury handbags and watches valued between $100,000 and $500,000, rented high-end properties in locations such as Los Angeles, the Hamptons, and Miami, and acquired a fleet of at least 28 exotic cars, some worth up to $3.8 million. Additional purchases included private jet rentals and luxury clothing.
One member of the gang was arrested in September 2024 but continued to work for the enterprise while in pretrial detention, allegedly passing and receiving directions and collecting stolen cryptocurrency. The defendants face charges including RICO conspiracy, conspiracy to commit wire fraud, money laundering, and obstruction of justice.
