A New Zealand man is facing serious charges for his alleged role in a massive cryptocurrency theft. Authorities say he was part of an international ring that swindled $265 million from seven victims.
The Scheme
The alleged scheme, which ran from March to August 2024, involved manipulating victims to fraudulently obtain their crypto. The Wellington man, along with twelve others from New Zealand and California, has been charged by the U.S. Department of Justice (DOJ) with racketeering, wire fraud, and money laundering.
Lavish Spending
Prosecutors say the group laundered the stolen crypto through various exchanges and then splashed out on a luxurious lifestyle. Think fancy cars, designer clothes, expensive watches, private security, high-end rentals, and lavish nightclub trips. Basically, they lived it up large with the stolen funds.
The Crew
This wasn’t a small operation. The group reportedly consisted of hackers, phone scammers, organizers, money launderers, and even burglars. Their alleged activities date back to October 2023. This isn’t the first time members of this group have been caught; two members, Malone Lam and Jeandiel Serrano, were arrested last year for allegedly stealing $230 million in crypto and attempting to launder it.
Ongoing Investigation
The arrests and charges highlight the ongoing battle against cryptocurrency crime. The DOJ’s investigation continues, and further developments are expected.
