The Daily Hodl 2025-05-19 20:00:10

Authorities Allege Scammers Stole $265,000,000 in Crypto To Buy Exotic Cars, Private Security and Other Luxuries

A New Zealand man has been arrested for allegedly being a part of an international criminal organization that stole $265 million in crypto assets from seven people. In a new press release, authorities allege that the unnamed Wellington man participated in a scheme that fraudulently obtained the crypto assets by manipulating victims between March and August 2024. The U.S Department of Justice (DOJ) has charged the individual with racketeering, conspiracy to commit wire fraud and conspiracy to commit money laundering. Twelve other people are facing charges in connection with the case, including individuals from Auckland and California. According to prosecutors, the defendants laundered the proceeds of the scheme through various cryptocurrency exchanges before spending the funds to purchase luxury items such as handbags, clothes, cars, watches, private security, rental homes and expensive nightclub entertainment. The other members of the group were recently arrested and charged by the DOJ as well. According to previous reports, the organization had a team behind them made up of hackers, callers, organizers, money launderers and residential burglars. The team has been operating as early as October 2023. Last year, two members of the group, Malone Lam and Jeandiel Serrano, were arrested and charged in connection with a plot that allegedly saw them steal $230 million in crypto from a victim and then attempt to launder the funds using advanced methods. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Authorities Allege Scammers Stole $265,000,000 in Crypto To Buy Exotic Cars, Private Security and Other Luxuries appeared first on The Daily Hodl .