Singaporean Crypto Thief Pleads Guilty to Stealing Over $260 Million

Singaporean Malone Lam, 22, has pleaded guilty in a US federal court to leading a cryptocurrency theft ring that stole more than $260 million from victims across the United States.

Lam's operation involved sophisticated 'social engineering', where he and his co-conspirators impersonated employees of trusted companies like Google to persuade victims to disclose sensitive information, including passwords, seed phrases, and authentication codes that unlocked their digital wallets.

The group's largest theft occurred in August 2024, when Lam accessed a victim's wallet and obtained over 4,100 Bitcoin valued at around $230 million at the time.

Lam faces up to 20 years in prison and has been ordered to repay more than $245 million to victims. He will return to court on December 8 for a status hearing to set a sentencing date.