Singaporean Man Pleads Guilty to $245m Crypto Heist
A Singaporean man has admitted to orchestrating one of the largest cryptocurrency heists in history. Malone Lam, 22, pleaded guilty to a racketeering conspiracy charge in the US for stealing $245m worth of Bitcoin and laundering the proceeds.
Lam teamed up with friends to trick people into giving away confidential information, which they used to drain their victims' cryptocurrency wallets. They also conducted home break-ins to obtain details that allowed them to steal from their victims' accounts.
The group spent millions on luxury items, including exotic cars worth between $100,000 and $3.8m, high-end watches up to $500,000, luxury clothing, rental homes in Los Angeles, the Hamptons, and Miami, private jet rentals for travel, and a team of private security guards.
Lam's crime ring was dismantled when FBI agents arrested him and a co-conspirator in September 2024. If convicted, Lam faces a maximum prison sentence of 20 years.