The U.S. Department of Justice has charged 12 individuals in connection with a $263 million cryptocurrency theft and Money Laundering case.

The U.S. Department of Justice announced RICO conspiracy charges against 12 defendants in more than $263 million, including cryptocurrency theft, money laundering and burglary, Wu said. Suspects use hacking methods to obtain cryptocurrency database information and screen targets, impersonate bank or exchange staff to commit phone scams, and convert the proceeds into cash or luxury goods through money laundering networks. The main suspect, Malone Lam, is suspected of defrauding more than 4,100 bitcoins and went on to commit crimes through his accomplices after his arrest.

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