‘Ferris Bueller gone bad’ helps unravel $240M bitcoin theft

Multiple young men duped an individual out of bitcoin worth more than $240 million in one of the biggest cryptocurrency thefts in the nation’s history. 

The heist occurred in August 2024, and the men went on an extravagant spending spree, buying fleets of sports cars, flying on private jets, renting mansions in Miami and the Hamptons, and hiring security guards. 

Malone Lam, 22, the alleged ringleader, spent over $569,000 in one evening at a Los Angeles nightclub, according to The Associated Press.

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Eighteen defendants have been charged and Lam would be the 11th to plead guilty. The judge presiding over Lam's case, has sentenced three of his co-conspirators. She sentenced two money launderers to prison terms of six years.

In November 2024, Veer Chetal pleaded guilty to conspiracy charges and awaits sentencing. Serrano's charges remain pending.

"I could only think of Ferris Bueller gone bad," U.S. Magistrate Alicia Valle said, referring to the school-skipping character of the 1986 movie "Ferris Bueller's Day Off."