Malone Lam Faces Guilty Plea in $240 Million Bitcoin Heist

A $240 million Bitcoin heist is drawing to a close as Malone Lam, the accused mastermind behind the scheme, prepares to plead guilty. Prosecutors believe that impersonation calls were used to gain access to a Washington investor's accounts and security codes.

The scheme unfolded on August 18, 2024, when the victim received two phone calls. One caller claimed to represent Google, while another posed as a Gemini exchange employee warning about malware affecting the investor's cryptocurrency wallet.

Lam allegedly spent lavishly on luxury items, including $569,000 at one nightclub and a $2 million watch. He also purchased over 30 vehicles.