Bitcoin Thief Pleads Guilty in $245M RICO Case

Malone Lam, a 22-year-old Singaporean national, pleaded guilty to federal racketeering conspiracy charges linked to one of the largest cryptocurrency thefts in US history. The scheme stole more than $245 million in Bitcoin from victims across the United States.

Lam organized the operation, identified targets, and coordinated his co-conspirators, according to the US Department of Justice. He faces a maximum sentence of 20 years in prison, with no sentencing date yet set.

The group used social engineering to trick victims into handing over confidential information. In some cases, they carried out home break-ins to access hardware wallets and steal private keys.

Stolen funds were laundered through crypto mixers, exchanges, pass-through wallets, and virtual private networks. The group spent stolen funds on at least 28 exotic cars worth up to $3.8 million each, private jets, luxury rental homes in Los Angeles, Miami, and the Hamptons, and high-end watches valued up to $500,000.

Nightclub spending reached $500,000 in a single evening, with Hermes Birkin handbags reportedly thrown into crowds at parties.