A 20-year-old California man was sentenced to 78 months in federal prison Wednesday for his role in a criminal enterprise that stole more than $250 million in cryptocurrency.
Marlon Ferro, known as 'GothFerrari,' pleaded guilty to racketeering conspiracy charges. Prosecutors said he served as the group's 'instrument of last resort,' breaking into homes in Texas and New Mexico to steal hardware wallets when digital theft attempts failed.
In February 2024, Ferro broke into a home in Winnsboro, Texas, stealing a hardware wallet containing about 100 Bitcoin, then worth over $5 million. Months later in New Mexico, he smashed a window with a brick to search for more wallets.
Ferro also acted as the group's money launderer, using a fake ID to set up a payment card on a geo-blocked platform. He spent over $255,000 on designer clothing for co-conspirators, including Hermès Birkin bags.
The sentence includes $2.5 million in restitution and three years of supervised release. 'Cryptocurrency fraud is not a victimless crime,' said U.S. Attorney Jeanine Ferris Pirro.