Singaporean Crypto Kingpin Pleads Guilty to $240M Bitcoin Heist

A 22-year-old Singaporean man, Malone Lam, has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in U.S. history. He and his friends targeted a wealthy Washington D.C. resident, duping him out of over $240 million in Bitcoin.

Lam's scheme involved manipulating the victim into giving them access to his Google Drive and revealing security codes. This allowed them to siphon off 4,100 Bitcoin from the victim's crypto wallet.

The group's spending spree lasted a month before FBI agents arrested Lam in Miami. He had purchased over $2 million worth of luxury items, including a $2 million watch and several high-end cars.