‘Ferris Bueller Gone Bad’ One of the largest cryptocurrency heists in the US

Lam and his network met in online gaming forums and allegedly began scamming people out of cryptocurrency in 2023. In one instance, they targeted a cryptocurrency investor through two phone calls, each warning about security threats to his cryptocurrency wallet, in order to access his security codes. Defendants allegedly spent the ill-gotten gains on luxury cars and watches, private jet rides, rented mansions, and nightclub benders. Lam allegedly spent more than $569K in one night at a Los Angeles nightclub. One judge likened the case to “Ferris Bueller gone bad.”

Cryptocurrency fraud reports jumped up last year, with Americans reporting losses of more than $11B. See tips to avoid phone scams.