$240M Bitcoin Heist Mastermind Faces 14 Years Behind Bars

Lam, the alleged ringleader of a network that stole over $230 million in Bitcoin from a D.C. resident in August 2024, is set to plead guilty on September 9, 2026. The plea deal carries sentencing guidelines that recommend at least 14 years in prison for Lam.

The theft relied on a phone call, in which the group posed as Google and Gemini support staff and convinced the victim to surrender account access. Over 4,100 Bitcoin, worth around $240 million, was then drained from his wallets within hours.

Lam's network used mixers and peel chains to launder the stolen funds, making it difficult for investigators to track the money on-chain. However, agents eventually reconstructed the flow of funds using on-chain analysis and identified exchange accounts holding tens of millions of dollars in stolen crypto.