Miami Resident Pleads Guilty to $245M Cryptocurrency Scheme
A 22-year-old Miami resident has pleaded guilty to leading an international cryptocurrency scheme that stole nearly $245 million in Bitcoin from a Washington, D.C. resident.
Malone Lam was one of 18 defendants charged in the case and is now facing a maximum prison sentence of 20 years after pleading guilty to a federal racketeering conspiracy charge.
Lam used social engineering techniques with two co-conspirators who posed as Google and Gemini representatives to dupe the victim into giving them access to his Google Drive, allowing them to siphon off over 4,100 Bitcoin in August 2024.
The scheme was carried out by a network of young men who used online gaming platforms to connect with people in California, Connecticut, New York, Florida, and abroad. Lam laundered the stolen funds into cash, which he used to buy exotic cars, rent mansions in Miami, and spend millions at nightclubs.