PANews reported on May 16 that according to Beincrypto, the U.S. Department of Justice has sued 12 suspects involved in a $263 million cryptocurrency crime, accusing them of participating in a criminal network organized by the main culprit Malone Lam. The gang committed crimes through social engineering fraud, database intrusion, and physical theft of hardware wallets. Lam was personally accused of a single fraud of $230 million. Currently, 10 defendants have been arrested and two accomplices in Dubai are still at large. The indictment shows that the gang's division of labor includes target screening, telephone fraud, money laundering, and field theft. Lam once remotely monitored the victim's iCloud data and directed his accomplices to burglarize. Records in August 2024 show that the gang stole 4,100 bitcoins (worth $385.4 million at the time) through P2P fraud.

Earlier in September last year , ZachXBT revealed that Greavys (Malone Lam), Wiz (Veer Chetal) and Box (Jeandiel Serrano) were suspected of stealing $243 million from a Genesis creditor on August 19, 2024 through complex social engineering attacks.