Singaporean Man Pleads Guilty to $245m Bitcoin Theft Conspiracy

A 22-year-old Singaporean man, Malone Lam, has pleaded guilty to conspiring with associates to steal $245m worth of Bitcoin and launder the proceeds in one of the largest cryptocurrency thefts ever recorded.

Lam admitted to his role in the racketeering conspiracy charge and faces a maximum prison sentence of 20 years. He used the stolen funds to finance an extravagant lifestyle, including spending as much as $500,000 during individual visits to nightclubs.

The group also allegedly purchased a fleet of exotic cars, with values ranging from $100,000 to $3.8m. Lam told US investigators that he dropped out of secondary school in Singapore at the age of 14 and had been living in the United States since October 2023, despite his visa expiring in January 2024.

The alleged co-conspirators were based in California, Connecticut, New York, Florida, and outside the US, and met through online gaming platforms. The stolen cryptocurrency was used to fund lavish purchases and parties, including Hermès Birkin handbags worth tens of thousands of dollars and luxury watches valued up to $500,000.