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According to court documents, the syndicate stole more than US$250 million in cryptocurrency between late 2023 and early 2025.
Members of this crime ring were based in California, Connecticut, New York, Florida and abroad, and were allegedly led by Lam. Seventeen people have been arrested or charged in connection with the syndicate.
In February 2024, Ferro travelled to Winnsboro, Texas, where he broke into a victim’s home and stole a hardware wallet containing about 100 Bitcoin, valued at the time at more than US$5 million. He then laundered the stolen funds through cryptocurrency exchanges.
After he moved to California in early 2024, Ferro connected with members of the syndicate, including Lam, where he offered his burglary services.
In July that year, Ferro flew to New Mexico, where he watched a home for several days, using a mobile phone to monitor a victim’s movements.
The syndicate had socially engineered the victim into giving them access to his email account.
