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

New Zealand Man Arrested in $265 Million Crypto Theft Scam

A New Zealand man has recently been apprehended for his alleged involvement in an international criminal syndicate responsible for the theft of $265 million in cryptocurrency assets from seven individuals. According to authorities, the unidentified Wellington resident is accused of participating in a fraudulent scheme that spanned from March to August 2024, where victims were manipulated to relinquish their crypto assets.

The U.S. Department of Justice (DOJ) has levied charges against the individual, including racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering. Additionally, a dozen other individuals, hailing from Auckland and California, are facing charges in connection with the elaborate scam.

Prosecutors have revealed that the defendants engaged in money laundering activities through various cryptocurrency exchanges, subsequently using the illicitly obtained funds to splurge on luxury items such as designer handbags, apparel, vehicles, timepieces, private security services, upscale rental properties, and extravagant nightclub experiences.

The remaining members of the criminal operation have also been arrested and charged by the DOJ. Reports suggest that the group boasted a diverse team comprising hackers, call center operatives, organizers, money launderers, and even residential burglars. The syndicate is believed to have been operational as early as October 2023.

Notably, last year saw the arrest and prosecution of two other members, Malone Lam and Jeandiel Serrano, in connection with a separate theft amounting to $230 million in cryptocurrency. The duo allegedly attempted to launder the stolen funds using sophisticated techniques.

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