Bitcoin News
By Jean-Luc Maracon
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Social Engineering, Break-Ins, and Hacked Databases. The scheme is quite simple once it's broken down. First, the group hacked databases to gather…
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Private Jets, Hamptons, and Tens of Thousands in Handbags. The stolen money didn't stay in bitcoin for long. The group laundered it, then spent it at a speed…
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At 22 years old, Malone Lam has just confessed to orchestrating one of the most massive crypto heists in recent years. Four thousand one hundred bitcoins.
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The group operated between October 2023 and May 2025. Not solitary hackers in a basement — a coordinated, international network that combined database hacking, social…
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Four thousand one hundred bitcoins is substantial.
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But the group wasn't just digital. When a hardware wallet was out of keyboard reach, they sent people on site.
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The stolen money didn't stay in bitcoin for long. The group laundered it, then spent it at a speed that likely helped attract the authorities' attention.
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Related topic: DoubleZero Integrates Kalshi's Electoral Data for Traders at $133 Million
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And handbags. Tens of thousands of dollars in luxury handbags given as gifts. Like, that's the detail that says everything about the group's mindset: they had so much money they…
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See also: Brevo SSO Flaw Hits 347,000 Trezor Users with Phishing Attack
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Lam was arrested in 2024 at his rental home in Miami. Not in a discreet bunker. In a rental home in Miami.
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U.S. Attorney Jeanine Ferris Pirro stated that authorities were determined to dismantle cybercriminal networks and hold those responsible accountable. The tone is clear.
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What remains unclear is the recovery of the funds. The Department of Justice has been working on it, but recovering the full $245 million in laundered bitcoin over several years…
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The network operated across multiple continents, forcing international collaboration between agencies.
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Perhaps the most revealing aspect of this whole story: the group formed online, around video games.
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