U.S. Department of Justice Prosecutes Group in $240 Million Bitcoin Theft Case, Ringleader Expected to Plead Guilty

According to the Associated Press, the U.S. Department of Justice has charged Ma Long Ram and 17 other defendants in connection with a Bitcoin theft scheme valued at over $240 million. Prosecutors allege that the group carried out a social engineering attack on a Washington resident by impersonating employees of Google and cryptocurrency exchange Gemini, thereby gaining control of their accounts and security codes to steal more than 4,100 Bitcoin. The suspects subsequently laundered the proceeds through multiple trading platforms and spent the money on sports cars, mansions, luxury watches, private jet services, and nightclub expenses.