Singapore Man Pleads Guilty to $240M Bitcoin Heist

A Singaporean man has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in US history. Malone Lam, an eighth-grade dropout who moved from Singapore to the US, teamed up with friends to steal nearly $240 million in Bitcoin from a Washington D.C. resident.

Lam faces a maximum prison sentence of 20 years after pleading guilty to a federal racketeering conspiracy charge. The stolen funds were laundered and then spent by Lam on various items during his wild spending spree.

U.S. District Judge Colleen Kollar-Kotelly did not immediately schedule Lam's sentencing hearing in Washington, leaving the exact date of sentencing uncertain at this time.