The U.S. Department of Justice has charged 12 individuals in a $263 million encryption fraud case, with one victim losing 4,100 Bitcoins.

Odaily News The U.S. Department of Justice has charged 12 defendants involved in a $263 million crypto assets fraud and money laundering case. Most members of the criminal gang are young people who initially met through online gaming, later stealing victims’ crypto assets through hacking, social engineering, and burglary. One victim lost approximately 4,100 Bitcoins, valued at about $230 million. To conceal the illegal gains, the suspects stuffed large amounts of cash into Squishmallows plush toys and mailed them to each other through the U.S. Postal Service. The main suspects include 20-year-old Malone Lam (also known as “King Greavys”), 19-year-old Marlon Ferro (“GothFerrari”), and 21-year-old Conor Flansburg (“Green Room”). According to allegations, they once spent $500,000 in a nightclub in one night and owned private jets and luxury cars worth millions of dollars. Currently, some suspects have been arrested in the U.S., while two others are reportedly residing in Dubai. (DL News)