Singapore Man Pleads Guilty to Orchestrating $245M Bitcoin Heist
A Singaporean man, Malone Lam, has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in U.S. history, stealing over $245 million worth of Bitcoin from a Washington, D.C. resident.
Lam, an eighth-grade dropout who immigrated to the U.S., was part of a network of young men who carried out a string of crypto scams starting in 2023. He is one of 18 defendants charged in the case and is the 11th to plead guilty.
The scheme involved using 'social engineering' techniques to dupe the victim into giving access to his Google Drive, allowing Lam to siphon off over 4,100 Bitcoin. The stolen funds were then laundered and covertly converted into cash, which Lam used to fund a lavish lifestyle.
Lam's spending spree included purchasing a fleet of sports cars, renting mansions in Miami, and splurging millions at nightclubs. In one evening alone, he spent $569,000 at an LA club.