Overview
- A federal judge in Washington, D.C., gave Marlon Ferro 78 months in prison, three years of supervised release, and $2.5 million in restitution for conspiring in a racketeering enterprise.
- Prosecutors said Ferro served as the group’s burglar when online ploys failed, stealing hardware wallets from homes and using fake IDs to help spend stolen crypto through a geo-blocked payment platform.
- Court records detail a February 2024 break-in in Texas where Ferro stole a hardware wallet holding about 100 BTC, then a July 2024 burglary in New Mexico that was captured on home surveillance cameras.
- Authorities say the syndicate stole more than $250 million from late 2023 to early 2025, and the FBI seized luxury cars, high-end watches, and designer goods bought with the proceeds.
- Seventeen people have been arrested or charged in the case, and alleged leader Malone Lam remains detained as plea talks continue, signaling broader scrutiny of hybrid crypto theft schemes.