Singaporean Accused of Stealing $245M in Bitcoin Faces Plea Hearing

Malone Lam, a 22-year-old Singaporean, is facing a plea agreement hearing in federal court in Washington on Tuesday for his alleged role in stealing $245 million in Bitcoin from a single investor. According to prosecutors, Lam was one of the organizers of the crew that carried out the heist, which involved social engineering tactics and hacking into crypto databases.

The victim, known as Victim-7, was targeted at home in Washington when callers claiming to be from Google and Gemini warned him about a security threat. They convinced him to install remote desktop software and hand over his security codes, allowing the thieves to move the Bitcoin out of his wallets.

Lam and his crew used various methods to launder the stolen funds, including using Monero exchanges that don't require identification and creating peel chains to conceal their tracks. Some of the cash was even shipped across the country inside stuffed toys.

Prosecutors say Lam spent lavishly on himself after stealing the Bitcoin, splurging $4 million at Los Angeles nightclubs in a single month and buying over 30 cars, which he titled to a shell company called Crypto Administration LLC. Ten of the 18 defendants have already pleaded guilty, with three receiving sentences from Judge Colleen Kollar-Kotelly.