Twelve additional individuals have been charged in a $263 million cryptocurrency theft case that saw the group steal over 4,100 Bitcoin from a single victim in August 2024. This recent indictment adds to charges against the main defendant, Malone Lam, originally filed in September 2024. The group, revealing a mix of hackers and money launderers, reportedly began their criminal activities in October 2023, starting as friends playing online games. Their tactics included hacking databases, social engineering to deceive crypto holders, and laundering stolen funds using complex methods like 'peel chains' to obfuscate the transactions. The Department of Justice noted that these defendants used the proceeds from their crimes to fund extravagant lifestyles, including spending up to $500,000 in nightclubs and acquiring luxury cars and other valuables. Some members are believed to be residing in Dubai, while several have already been apprehended. The case highlights the ongoing issues with cyber-enabled financial crimes in the cryptocurrency domain.

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