Singaporean Accused of Masterminding $300 Million Crypto Theft Pleads Guilty

Malone Lam, a 22-year-old Singaporean, has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in US history. He and his co-conspirators stole nearly $300 million worth of Bitcoin from a Washington, DC resident using social engineering techniques.

Lam's network used fake identities and manipulated the victim into revealing security codes that allowed them to siphon off over 4,100 Bitcoin in August 2024. The stolen funds were then laundered into cash, which Lam spent on luxury items such as sports cars, watches, and mansions.

Lam's spending spree lasted a month before he was arrested by FBI agents in Miami. During his time on the run, he spent millions at nightclubs and purchased over 30 high-end vehicles, including custom Porsches, Lamborghinis, and Ferraris.

Lam faces a maximum prison sentence of 20 years after pleading guilty to a federal racketeering conspiracy charge. He is one of 18 defendants charged in the case and is the 11th to plead guilty.