Article – US authorities have charged 12 people in a massive crypto crime ring that used hacking, phishing, and even physical attacks to steal over $400 million. The suspects worked together across several countries since 2021.
The Department of Justice announced the charges yesterday. They’re using RICO laws, which were originally created to fight organized crime families.
“These criminals thought their high-tech methods would keep them safe from law enforcement,” said FBI Director Christopher Wray. “They were wrong.”
The group targeted both individual crypto users and smaller exchanges. Their methods show how criminals are getting more sophisticated about crypto theft.
In one case, they physically attacked a victim in their home. They held the person at gunpoint until they revealed their private wallet keys. This “home invasion” style of crypto theft has been growing recently.
The group also used SIM swapping, where they tricked phone companies into transferring victims’ phone numbers to devices they controlled. This let them bypass two-factor authentication and access accounts.
Once they stole the crypto, they used “mixing services” to hide where the money came from. They converted funds between different cryptocurrencies and moved them through multiple wallets.
Investigators from the US worked with teams from Estonia, Latvia, Poland, Ukraine, and the UK. This international cooperation was key to breaking the case.
The charges include conspiracy, wire fraud, and money laundering. Several suspects face decades in prison if convicted.
“Today’s indictment shows that crypto technology isn’t above the law,” said Deputy Attorney General Lisa Monaco. “Whether crimes happen on the street or the blockchain, we will find you.”
Crypto security experts say this case highlights why stronger protection is needed. “Hardware wallets and advanced authentication are must-haves now,” says Alex Saunders of CryptoDefense Institute.
The case marks one of the first times RICO laws—created to fight traditional organized crime—have been used for crypto theft. This shows how seriously authorities are taking these crimes.
For everyday crypto users, the case is a warning. Basic security practices like unique passwords and hardware wallets can prevent many attacks. Crypto education remains crucial as these technologies become mainstream.
As crypto becomes more regulated, we’ll likely see more cases like this. The line between innovation and illegal activity in the crypto world keeps getting clearer.
The indictment serves as a reminder that even as finance evolves, some things stay the same. Crime rings adapt to new technologies—and eventually, law enforcement catches up.
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