Singapore Man Accused of Stealing $240 Million in Bitcoin Set to Plead Guilty

A Singaporean man accused of helping to steal over $240 million in Bitcoin from a wealthy investor is set to plead guilty. Malone Lam, an eighth-grade dropout, allegedly used social engineering tactics to trick the victim into handing over access to his digital holdings.

Lam and his co-conspirators posed as representatives of Google and Gemini cryptocurrency exchange, warning the victim that his accounts were compromised. They convinced him to give them access to his Google Drive and provide security codes, allowing them to siphon off more than 4,100 Bitcoin in August 2024.

The group then laundered the stolen funds through multiple exchange platforms and converted portions into cash. Lam and his associates allegedly spent lavishly on luxury items, including $4 million at Los Angeles nightclubs in a month, and purchased over 30 vehicles, including custom Porsches and Lamborghinis.