Singaporean Dropout Pleads Guilty in $240 Million Cryptocurrency Heist
A Singaporean school dropout has pleaded guilty to his role in one of the largest cryptocurrency thefts in US history. Malone Lam, 22, organized a scheme that posed as Google and Gemini executives to manipulate victims into handing over information or access to steal cryptocurrency.
The group targeted a wealthy investor in Washington, DC, who lost more than $240 million worth of Bitcoin after providing access to his Google Drive and revealing security codes. The scammers then used money laundering specialists and multiple cryptocurrency exchanges to move the stolen assets and convert them into government-issued currency.
Lam and his associates spent the proceeds on lavish items, including sports cars, private jets, rented mansions, luxury watches, and nightclub outings. Lam himself purchased over 30 vehicles, including custom Porsches, Lamborghinis, and Ferraris, and dropped $569,000 at a Los Angeles nightclub in one evening.
The FBI investigated the crime after tracing an IP address to a home in Encino, California, that was rented by one of the conspirators. The group's spending habits quickly drew attention, and authorities arrested Lam on September 18, 2024, at one of his Miami mansions.