Singaporean Man Pleads Guilty in US to Massive Crypto Heist

A Singaporean man has pleaded guilty to organizing one of the biggest cryptocurrency thefts in history. Malone Lam, 22, admitted to teaming up with friends to steal $245 million worth of Bitcoin and laundering the proceeds.

The group used the stolen funds to spend up to $500,000 per evening at nightclubs, as well as buying exotic cars valued between $100,000 and $3.8 million.

Lam faces a maximum prison sentence of 20 years for his role in the racketeering conspiracy charge.