Singaporean Man Pleads Guilty in $245M Crypto Heist
A 22-year-old Singaporean man, Malone Lam, has pleaded guilty in the US to racketeering conspiracy over his role in a $245 million cryptocurrency heist. The theft involved tricking victims into giving away confidential information and conducting occasional home break-ins to obtain details that allowed them to drain their cryptocurrency wallets.
Lam and his associates spent lavishly on luxury items, including Hermes Birkin handbags, high-end watches worth up to $500,000, and rental homes in Los Angeles, the Hamptons, and Miami. They also rented private jets for travel and hired a team of private security guards.
The crime ring was dismantled when FBI agents arrested Lam and a co-conspirator in September 2024. US Attorney Jeanine Pirro said authorities would pursue those who establish cybercrime operations and dismantle their networks.