A 22-year-old man faces up to 20 years in prison after pleading guilty to a racketeering conspiracy involving the theft of 4,100 bitcoin from a Washington, D.C. resident.
Article reports a $245 million crypto theft involving bitcoin, highlighting security risks but no direct market impact.
Malone Lam, a 22-year-old defendant, has pleaded guilty to his role in a massive $245 million cryptocurrency theft. The operation involved impersonating Google and Gemini exchange representatives to gain access to a victim's digital assets, which were subsequently laundered through luxury purchases and high-end lifestyle spending.
The group used social engineering to impersonate Google and Gemini representatives, convincing the victim to provide access to his Google Drive and reveal sensitive security codes.