Singapore Man Pleads Guilty to $245M Bitcoin Heist

A 22-year-old Singaporean man, Malone Lam, pleaded guilty to orchestrating one of the largest cryptocurrency thefts in U.S. history, netting nearly $245 million in Bitcoin from a Washington D.C. resident.

Lam and his co-conspirators used 'social engineering' techniques to dupe the victim into giving them access to their Google Drive and revealing security codes that allowed Lam to siphon off over 4,100 Bitcoin in August 2024.

Prosecutors say Lam laundered and converted the stolen cryptocurrency into cash, which he used to fund a lavish spending spree, including buying a fleet of sports cars, renting mansions in Miami, and spending millions at nightclubs, including $569,000 in one evening at an LA club.