Singapore Man Pleads Guilty to $245 Million Bitcoin Heist
A 22-year-old Singaporean man named Malone Lam pleaded guilty to orchestrating one of the largest cryptocurrency thefts in U.S. history, stealing nearly a quarter-billion dollars' worth of Bitcoin from a Washington, D.C., resident.
Lam's scheme involved teaming up with friends to carry out a string of crypto scams starting in 2023, with Lam as an organizer for the network. In August 2024, he and his co-conspirators used 'social engineering' techniques to dupe the victim into giving them access to their Google Drive and revealing security codes.
The hackers siphoned off over 4,100 Bitcoin, worth more than $245 million. Lam then laundered and covertly transferred the stolen crypto into cash, which he used to fund a lavish spending spree. He bought sports cars, rented mansions in Miami, and spent millions at nightclubs, including $569,000 in one evening at an LA club.
Lam's purchases also included a $2 million watch and over 30 cars, including custom Porsches, Lamborghinis, and Ferraris. When asked by the judge which of those vehicles he personally bought, Lam replied, 'I would need some time.'