The U.S. Department of Justice has charged 12 individuals in connection with a cybercrime ring that allegedly stole over $263 million in cryptocurrency through sophisticated social engineering and hacking. These defendants, mostly young adults aged 18 to 21, are accused of laundering the stolen funds using mixers and shell companies, and of spending lavishly on luxury items like supercars, designer bags, and nightclub expenses. The principal figures, Malone Lam and Jeandiel Serrano, were named in a four-count indictment, with additional defendants including U.S. and foreign nationals, some of whom are currently fugitives in Dubai. Prosecutors highlighted a broader trend in cybercrime, with the FBI reporting a significant surge in crypto-related fraud, leading to billions in losses last year. The operation ran from October 2023 to March 2025, with some members engaging in physical burglaries to access crypto wallets. Authorities are still investigating the extensive network involved in this high-stakes operation.

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