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Who is Malone Lam? 13 Indicted in $263M RICO Conspiracy
- Authorities uncovered a wider crypto scam scheme involving Malone Lam and 12 other individuals, who stole over $263 million through social engineering, wire fraud, and money laundering.
- Lam and Conor Flansburg operated under multiple online aliases to orchestrate crypto heists and have been charged under the RICO Act.
- The syndicate stole crypto wallets, converted assets into US dollars, and engaged in money laundering, with Lam running operations even from behind bars.
- Thirteen suspects, including Lam, face charges of racketeering, wire fraud, money laundering, and obstruction of justice.
- Despite his arrest, Lam faces a minimum 20-year jail term and significant fines if convicted.
- The group's modus operandi involved specific roles like database hacking, scam calls, and burglary to steal and launder crypto funds.
- They covered their tracks through straw owners, shell companies, and indulged in a lavish lifestyle, spending over $500,000 a night at nightclubs.
- Authorities plan to seize luxury assets, including cars and designer items, purchased with stolen funds to fund Lam's legal defense.
- Lam's trial is set to begin in October 2025, and the group's activities extended from 2023 to 2025, involving thefts in the US and abroad.
- Key takeaways include Lam facing a potential 20-year prison sentence, the group resorting to burglary for crypto theft, and Lam's upcoming trial date.
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