Malone Lam Faces Guilty Plea in $263M Bitcoin RICO Case

Malone Lam, accused of orchestrating one of the largest single-victim cryptocurrency thefts in US history, is set to plead guilty on September 8. The 22-year-old, known online as 'King Greavys,' '$$$', and 'Anne Hathaway,' allegedly led a group that obtained 4,100 BTC from a Washington, D.C. investor on August 18, 2024. At the time of the theft, the value of the Bitcoin was approximately $263 million.

The group used social engineering tactics to gain access to the victim's Google Drive and security credentials by impersonating support personnel from Google and Gemini. This allowed them to transfer the Bitcoin out of the account. The stolen cryptocurrency was then laundered through various channels, including exchanges, mixers, and pass-through wallets.

The group's spending habits were extravagant, with Lam personally splurging over $569,000 during a single night out in Los Angeles. Other members rented mansions, chartered private jets, and acquired exotic vehicles worth up to $3.8 million each.