Singapore Man Accused of Masterminding $240M Bitcoin Heist to Plead Guilty

A 22-year-old Singapore man, Malone Lam, accused of helping steal over $240 million in Bitcoin from a victim is set to plead guilty this week. The alleged ringleader and his co-conspirators used a 'social engineering' attack in August 2024 to trick the victim into handing over access to his digital holdings.

Lam and his group contacted the victim while posing as representatives of Google and the Gemini cryptocurrency exchange, warning him that his accounts had been compromised. They convinced the victim to give them access to his Google Drive and provide security codes that allowed Lam and others to siphon off over 4,100 Bitcoin.

The stolen funds were then moved through multiple exchange platforms and converted into cash using money laundering specialists. Prosecutors say Lam and his associates spent lavishly on luxury cars, private jets, mansions, and wild nights out, with one night at a Los Angeles nightclub costing over $569,000.