The First Bitcoin RICO Case Exposes Regulatory Vacuum The indictment of Malone Lam and 17 others in a massive cryptocurrency theft case highlights the lack of effective regulation in the industry.
Charges include social engineering and money laundering, crimes on the rise in recent years. The scheme targeted a wealthy Washington D. C. resident with audacity that borders on laughable.
Lam and his cohorts spent lavishly on sports cars, private jets, and luxury real estate, flaunting their ill gotten gains on social media.