Singaporean Man Pleads Guilty to $240 Million Bitcoin Theft

A 22-year-old Singaporean man, Malone Lam, pleaded guilty to orchestrating a massive bitcoin theft from a Washington D.C. resident.

Lam teamed up with friends to steal nearly $240 million in Bitcoin, one of the largest cryptocurrency thefts in U.S. history.

The theft occurred despite Lam's lack of formal education, having dropped out of eighth grade.

Lam faces a maximum prison sentence of 20 years for his role in the crime, which also involved a wild spending spree with laundered proceeds.