The request for additional time was largely attributed to the US Department of Justice’s (DOJ) recent replacement of the lead prosecutor late last month, marking at least the third such transition since charges were initially filed in late 2024.
Judge Colleen Kollar-Kotelly, who has presided over the case since 2024, questioned the frequency of prosecutorial changes.
“It helps if we can have some continuity,” she said.
David Liss, the newly appointed DOJ attorney leading the prosecution, told the judge that his predecessor provided a comprehensive guide to the case, including specifics on every defendant. He further attempted to reassure the court by indicating his intention to remain on the case.
Mr Liss takes on a sprawling case involving 17 defendants, including Mr Lam, whom prosecutors allege was the ringleader of the criminal gang.
The US government accused the enterprise of concocting a very elaborate scheme to steal cryptocurrency worth more than US$260 million at the time.
This included an unnamed victim in Washington, DC, who prosecutors say was swindled out of 4,100 Bitcoins, which were valued at US$245 million at the time. At today’s prices, the coins would be worth roughly US$334 million.
Prosecutors said the cryptocurrency was laundered for fiat currency, which was then spent lavishly, including on a fleet of exotic cars ranging in value from US$100,000 to up to US$3.8 million.
“This criminal enterprise was built on greed so brazen it borders on the cartoonish. They stole millions, spent it on half-million-dollar nightclub tabs, Lamborghinis, and Rolexes,” said US Attorney for the District of Columbia Jeanine Pirro.
Nine defendants in the case have already pleaded guilty.
Evan Tangeman, considered a key money launderer in the crime ring, was the latest to be sentenced, receiving 70 months in prison in April, after he admitted to laundering at least US$3.5 million for the group.
Ms Pirro said Mr Tangeman did not just launder money, he also tried to cover his tracks.
“When his co-conspirators were arrested, he moved to destroy the evidence. That is consciousness of guilt, and this office and the court have treated that accordingly,” she said.
Another alleged money launderer, Kunal Mehta, pleaded guilty to RICO conspiracy and conspiracy to launder monetary instruments in December. He awaits sentencing.
Some of these alleged accomplices have said they’d be willing to testify against Mr Lam if his case goes to trial.
Mr Lam is due back in court on Jun 18 for another status hearing.