$245m Crypto Theft Scheme Crumbles as Singaporean Man Pleads Guilty
A 22-year-old Singaporean man has admitted to helping run an international cryptocurrency theft scheme that stole over $245 million through social engineering. Malone Lam, who had been living in Miami, pleaded guilty on Tuesday in federal court in Washington, DC, to one count of participating in a racketeering conspiracy.
Lam helped organize the operation, selecting victims and assigning roles to other members of the network. The group allegedly used information obtained through deception, along with occasional break-ins at victims' homes, to gain access to cryptocurrency wallets.
The stolen cryptocurrency was used to fund an extravagant lifestyle, including private jet travel, luxury watches worth over $500,000, designer clothing and handbags, and rental properties in Los Angeles, the Hamptons, and Miami. Prosecutors also said members of the group spent as much as $500,000 on nightclub services in a single evening.