Singaporean Man Admits to Orchestrating $245m Crypto Heist

A Singaporean man has admitted to orchestrating one of the biggest cryptocurrency thefts in history. Malone Lam, 22, pleaded guilty to a racketeering conspiracy charge in the US, admitting to teaming up with friends to steal $245m (£181m) of Bitcoin.

The group used the stolen funds to buy luxury items, including exotic cars worth between $100,000 and $3.8m, and spent up to $500,000 per visit on nights out at nightclubs, according to the US Department of Justice (DOJ).

Lam faces a maximum prison sentence of 20 years. The DOJ said Lam was the ringleader of the operation, identifying victims and coordinating the roles of his co-conspirators.