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>>A participant in Malone Lam's $250 million crypto theft syndicate receives a 78‑month jail term

A participant in Malone Lam's $250 million crypto theft syndicate receives a 78‑month jail term

crypthub

about 12 hours ago

Sentencing and Scope

Marlon Ferro, 20, aka GothFerrari, received 78 months in prison and $2.5 million restitution for stealing hardware wallets in a $250 million crypto theft. The ring, led by Singaporean Malone Lam, operated in multiple U.S. states and abroad from 2023‑2025. Ferro also bought luxury handbags for Lam’s girlfriend after the boss was arrested.

Tactics and Physical Risk

Hackers breached iCloud accounts to locate victims, then sent Ferro to burglarize homes when remote hacks failed. Stealing hardware wallets proved cold storage can be overcome by physical intrusion. Targets were chosen from online displays of wealth, turning digital assets into a physical target.

Investigation and Message

The FBI, D.C. U.S. Attorney’s Office and IRS‑CI led the probe, recovering a Glock 19. Prosecutors called the scheme a blend of cyber fraud and burglary, noting crypto crimes are not victimless. Ferro’s 2025 guilty plea and Evan Tangeman’s 70‑month laundering sentence underscore federal penalties.

A participant in Malone Lam's $250 million crypto theft syndicate receives a 78‑month jail term

Sentencing and Scope

Tactics and Physical Risk

Investigation and Message

A participant in Malone Lam's $250 million crypto theft syndicate receives a 78‑month jail term