The US has arrested the participants of a major crypto fraud scheme that stole more than $260,000,000 — they are charged with extortion, laundering and hacking.

The stolen funds were spent on a lavish lifestyle: up to $500,000 per night in clubs, private jets, the purchase of 28 exotic cars worth up to $3.8 million each, as well as expensive watches, clothes and luxury rentals.

The main defendant, 20-year-old Malone Lam, continued to coordinate the group's activities from prison even after his arrest, including transferring the stolen funds and buying gifts for his girlfriend.