First major U.S. crypto RICO case charges 18 over $263M BTC theft

U.S. federal prosecutors have charged 18 people with conspiracy under the Racketeer Influenced and Corrupt Organizations Act, or RICO, in connection with the theft of $263 million worth of BTC, Crypto Briefing reported. It marks the first major case in which RICO charges have been applied to a cryptocurrency theft. Malone Lam, identified as the ringleader, and others are accused of posing as Google and Gemini representatives in August 2024 to obtain wallet access information from a victim and steal more than 4,100 BTC. Investigators found the stolen funds were later laundered through cryptocurrency exchanges and used on luxury cars, private jets and mansions. If Lam’s planned guilty plea proceeds as scheduled, it would become the 11th guilty plea among the defendants tied to the case.