Bitcoin Thief Faces Up to 20 Years for Stealing $245M

Malone Lam, a 22-year-old who dropped out of eighth grade and immigrated to the US from Singapore, has pleaded guilty to leading a group that stole over $245 million in Bitcoin.

The theft occurred in August 2024 when Lam and his associates used social engineering tactics to deceive a Washington, DC resident into handing over access to his Google Drive and security codes.

Lam's team then transferred over 4,100 Bitcoin from the victim's account before laundering the funds and converting them into cash. The stolen money was used to purchase luxury items, including more than 30 cars and a $2 million watch, as well as funding a lavish spending spree at nightclubs.

Lam faces up to 20 years in prison after pleading guilty to a federal racketeering conspiracy charge. He is one of 18 defendants charged in the case, with 11 others having already pleaded guilty.