CryptoWorld News reports, according to the U.S. Department of Justice, a 22-year-old man from California has been sentenced to 70 months in prison for participating in money laundering activities. The case involves a cross-state criminal gang that stole over $263 million in cryptocurrency through social engineering attacks. The man admitted to laundering $3.5 million, assisting in converting cryptocurrency into fiat currency, and renting luxury mansions in Los Angeles and Miami for the gang to indulge in. The stolen funds were used for extremely lavish consumption, including luxury cars, designer watches, and exorbitant nightclub bills. Currently, law enforcement has seized several of his luxury cars, and nine people have pleaded guilty in the case.

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