Singaporean Malone Lam to Plead Guilty in $240M Bitcoin Heist

A 22-year-old Singaporean named Malone Lam is poised to plead guilty in connection with a major Bitcoin theft worth around $240 million. The alleged crime took place in August 2024 when Lam and his associates targeted a Washington investor through social engineering.

Prosecutors claim that the group convinced the investor to provide access to their accounts and security codes, allowing them to transfer more than 4,100 Bitcoin through various exchanges.

The stolen funds were then spent lavishly on luxury items, including sports cars, mansions, and private jets. Lam reportedly splurged over $569,000 at a Los Angeles nightclub.