The US Department of Justice (DOJ) just indicted 12 additional defendants as part of a conspiracy involved in crypto crimes worth $263 million. It accused them of working with Malone Lam, who was arrested last September.
Most of the group’s actions involved social engineering scams, but members also stand accused of burglary. Additionally, the DOJ pressed charges against Tornado Cash co-founder Roman Storm today.
However, as today’s indictments clearly show, the DOJ is still interested in taking down high-level crypto crime. The twelve defendants stand accused of many serious offenses:
“[The defendants] allegedly participating in a cyber-enabled racketeering conspiracy throughout the United States and abroad that netted them more than $263 million. [Their] various roles included database hackers, organizers, target identifiers, callers, money launderers, and residential burglars targeting hardware virtual currency wallets,” the DOJ claimed.
These defendants were allegedly in league with Malone Lam, the group’s ringleader, who was arrested last September. The DOJ claimed that Lam organized the whole crime ring, targeting victims, employing scams, laundering money, and more.
The bulk of this $263 million came through social engineering and similar scam methods. The group systematically stole and purchased databases of crypto users, identified valuable targets, and attempted to defraud them.
Lam personally scammed $230 million from one victim alone. However, the group soon moved on to much more brute-force methods.
This is Malone Lam.
This 20-year-old committed one of the biggest p2p heists in history
In Aug 2024 he scammed someone for 4,100 $BTC ($385,4M)
I spent ~10 hours researching all the data: the info I found was shocking…
Specifically, the DOJ accused the defendants of much more serious crimes. In an effort to steal hardware wallets, Lam remotely monitored a target’s iCloud metadata while a co-conspirator burglarized his home.
Unfortunately, violent thefts are far from unheard of in this industry: a prominent crypto kidnapping took place in France two days ago.
The indictments named 10 of the 12 co-defendants, claiming that several of them have been arrested. At least two remain anonymous and at large, believed to be living in Dubai.
The DOJ has been demonstrating its resolve on several crypto crimes today. Specifically, it announced that it would indeed be pressing charges against Roman Storm, co-founder of Tornado Cash.
Although crypto enforcement has been loosened somewhat, the Department of Justice is still determined to prosecute prominent offenders.
Lily Liu, President of the Solana Foundation, is looking beyond meme coins to establish Solana as the infrastructure for what she calls “internet capital markets.”
In an exclusive interview with BeInCrypto and a presentation at the 2025 Web3 Festival in Hong Kong, Liu outlined her vision for blockchain technology’s role in democratizing financial access.
From Meme Coins to the “Everything Chain”
“Solana has evolved from being the DeFi chain to the NFT chain, the gaming chain, the payment chain, and recently the meme coin chain,” Liu explained. “When you sum all that up, Solana is the everything chain.”
While meme coins drove Solana’s price to an impressive $290 high in January before falling 60% to around $120 today, Liu views them as just one transient asset class in a much broader ecosystem. “Meme coins are just one type of asset. There will be something else—there’s always going to be the tulip market and the beanie baby market. That’s been going on for a really long time. That’s just what humans do with or without blockchain,” Liu noted.
Despite price volatility, Solana’s Total Value Locked (TVL) reached an all-time high in April 2025, demonstrating continued investor confidence in the ecosystem beyond speculative assets.
The Crisis of Capital Access for Young Generations
Liu, who previously co-founded Earn.com (acquired by Coinbase in 2018) and served as CFO of Chinaco Healthcare Corporation, brings significant experience from building businesses in both the US and China to her current role at Solana. Her background in traditional finance gives weight to her critique of current capital markets.
“Fifty years ago, it took 25 hours of labor to buy one share of the S&P 500. Today, it takes 195 hours,” Liu noted in her presentation, highlighting how capital gains have become less accessible to average workers while losses are increasingly socialized through national debt.
This inaccessibility to capital markets has created anxiety among young people globally. Liu pointed to challenges in Korea and China, where housing prices have skyrocketed beyond what young professionals can afford without parental support.
“In Korea and China, the parents’ generation has retained the upside of a major asset class like housing. Young people’s ability to convert hours of labor into capital and freedom later in life has become extremely limited,” she observed. “In China, it creates huge anxiety for families where young men are culturally expected to own an apartment before marriage, yet average professional salaries make this impossible without parental help.”
Blockchain as Global Financial Infrastructure
Liu sees blockchain’s core purpose as creating a unified global financial infrastructure, similar to how the internet unified attention. “What crypto is doing is providing this unified infrastructure to unify the wealth, the transactions, the financial coffers of five and a half billion people,” she explained.
This infrastructure enables what Liu calls “internet capital markets,” making the full range of financial assets available to anyone with an internet connection. She contrasts the simplicity of downloading a crypto wallet against the complex paperwork of traditional banking and investment systems.
Lily Liu, President of Solana Foundation. Source: 2025 Web3 Festival Hong Kong.
For Liu, this infrastructure is particularly valuable in expanding access to equities and other assets that have both fundamental value and price discovery—currently reserved primarily for accredited investors even in developed markets.
Community-Based Capitalism and the Ownership Economy
Liu argues that blockchain offers an alternative to traditional economic systems. “In the last 100 years, we’ve come to accept that the dominant ownership models are either capitalist or communist—corporate ownership or state ownership,” she explained. “What Bitcoin proposed is that those aren’t the only choices.”
This has evolved into what Liu calls “community-based capitalism,” a term she uses to describe economic models where value accrues to network participants rather than just shareholders or the state. “Instead of universal basic income, which is essentially a welfare economy, crypto proposes universal basic opportunity,” she said. This model allows early participants in network building to share in the upside.
Liu contrasts this with traditional platforms like Uber, where early drivers who helped bootstrap the network received hourly pay but no equity upside. Her “ownership economy” concept refers to this more inclusive approach to capital formation where contribution and ownership are more closely aligned.
Solana’s governance reflects this philosophy, which was recently demonstrated in a controversial proposal to reduce inflation. Liu actively participated in this discussion, explaining that inflation reduction might seem efficient from a network security perspective but would potentially harm Solana as a yield-generating asset.
“Dynamic yield on an asset makes it a worse asset,” Liu emphasized. “If you have an asset yielding a fixed percentage annually, you price that very differently than an asset yielding at variable rates.”
Looking five years ahead, Liu envisions Solana enabling an ownership economy where blockchain creates new pathways for individuals to convert labor into capital, bringing “more inclusivity for five and a half billion people on the internet into capital markets.”
“The end state is moving into assets that have value, can also command price, and bring more inclusivity around the world,” Liu concluded. “This is where crypto is going.”
Trump’s trade agenda continues to shock global financial markets, prompting a revaluation of Bitcoin (BTC) and equities.
Bitcoin and the crypto market witnessed notable volatility over the last several weeks. This came as traders and investors reeled from the impacts of tariffs under US President Donald Trump.
Bitcoin and Equities May Be On The Cusp Of A Major Revaluation
The recent surge in Trump tariffs has inadvertently positioned Bitcoin as a potential beneficiary. Venture capital firm MV Global highlights the spike in US tariffs in 2025, citing levels last seen in the 1930s. This has triggered more than $10 trillion in equity losses worldwide.
“The resulting capital flight is reshaping investment flows across asset classes,” MV Global noted.
Average tariff rates on US imports. Source: MV Global on X
With liquidity quietly rebuilding, analysts anticipate a major market revaluation, with Bitcoin at the heart of it.
This forecast comes after MV Global’s Global Economy Index recently turned upward. This often precedes broader asset reflation. Notably, the metric tracks both cross-border capital flows and monetary conditions.
“Liquidity is quietly rebuilding across major economies. As the Global Economy Index turns upward, historical patterns suggest Bitcoin and equities may be on the cusp of a major revaluation,” the firm noted.
Indeed, Bitcoin’s performance is already outpacing traditional markets, which adds credence to its average April return of more than 34.4%. Macroeconomic instability and capital flight are the forces behind this seasonal pattern.
Based on this, analysts argue that the current market outlook mirrors historical periods when investors moved away from dollar-centric systems in search of decentralized alternatives.
Tomas Greif, chief of product strategy at Braiins Mining Ecosystem, agrees. He notes that Bitcoin’s volatility aligns more closely with major equity indexes.
“If you previously thought Bitcoin was too volatile, you may want to re-evaluate your passive investment strategies for retirement,” Greif remarked.
Bitcoin volatility vs. equity indices. Source: Greif on X
According to Mathew Sigel, head of digital assets research at VanEck, this emerging macro backdrop may accelerate Bitcoin’s transition from a speculative asset to a functional monetary hedge.
“Bitcoin is evolving from a speculative asset into a functional monetary tool—particularly in economies looking to bypass the dollar and reduce exposure to US-led financial systems,” Sigel wrote.
Sigel’s point reflects a broader trend: Bitcoin is increasingly viewed as a strategic asset as geopolitical and trade tensions mount. This aligns with a recent US Crypto News publication, which indicated how Bitcoin is progressively presenting itself as a hedge against traditional finance (TradFi) and US treasury risks.
Bitcoin’s potential to gain traction as an alternative reserve or settlement asset could grow. This optimism comes as more economies distance themselves from traditional US monetary influence. BeInCrypto reported that Russia is considering Ruble-pegged stablecoin to challenge US Dollar dominance.
As equity markets reel and liquidity rotates, Bitcoin’s resilience could redefine how investors hedge against geopolitical uncertainty.