A California man has been sentenced to 78 months in prison for his involvement in a $250 million cryptocurrency theft.

CoinFeed reported on May 7th that, according to The Block, a California man has been sentenced for his involvement in a nationwide social engineering fraud ring that stole over $250 million in crypto assets. 20-year-old Marlon Ferro (also known as "GothFerrari") was sentenced to 78 months in prison, plus three years of supervised release and $2.5 million in restitution. Prosecutors stated that Ferro was the criminal organization's "last resort tool," directly breaking into homes and stealing hardware wallets when his accomplices were unable to gain access to victims' accounts through fraud or hacking. Federal investigations revealed that the group's activities included database hacking, target identification, fraudulent phone calls, money laundering, and burglaries, primarily targeting victims holding large amounts of crypto assets.