Singaporean Man Pleads Guilty to $240 Million Bitcoin Heist
A 22-year-old man from Singapore has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in U.S. history, netting over $240 million in Bitcoin.
Malone Lam, who dropped out of eighth grade and immigrated to the United States, faces up to 20 years in prison for his role in the massive heist.
According to prosecutors, Lam was part of a network of young men who carried out a string of cryptocurrency scams starting in 2023. He used 'social engineering' techniques to dupe a Washington D.C. resident into giving him access to over 4,100 Bitcoin in August 2024.
Lam laundered the stolen crypto and spent the proceeds on lavish items, including sports cars, mansions in Miami, and millions at nightclubs, with one $569,000 spree at an LA club.