Singapore Man Pleads Guilty to $245 Million Bitcoin Heist

A young man from Singapore, Malone Lam, has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in U.S. history. He and his co-conspirators stole nearly $245 million worth of bitcoin from a Washington D.C. resident in August 2024 using 'social engineering' techniques.

Lam's group posed as representatives of Google and Gemini, manipulating the victim into giving them access to his Google Drive and revealing security codes that allowed them to siphon off over 4,100 bitcoin.

The stolen funds were laundered and used by Lam for a lavish spending spree, which included buying sports cars, renting mansions in Miami, and spending millions at nightclubs. In one evening alone, he spent $569,000 at an LA club.

Lam's purchases also included a $2 million watch and over 30 cars, including custom Porsches, Lamborghinis, and Ferraris. He was arrested in Miami after an off-duty law enforcement officer tipped off authorities that they were on their way to apprehend him.