Singaporean Man Pleads Guilty to Cryptocurrency Scam Involving Over $250 Million
A Singaporean man has pleaded guilty to his role in a cryptocurrency scam that defrauded victims of over $250 million. Malone Lam, 22, operated under various aliases and worked with conspirators who posed as tech employees to convince victims to grant them access to their cryptocurrency funds. The scheme involved convincing the victims that their accounts had been hacked, allowing the conspirators to gain access to the funds.
The largest theft occurred in August 2024, when Lam helped identify a victim who held approximately $245 million worth of Bitcoin. The conspirators called the victim posing as Google employees and convinced them to hand over digital keys that granted access to their cryptocurrency wallets. They then used AnyDesk to virtually access the victim's desktop and transfer additional portions of cryptocurrency.
The scam also involved hacking into victims' iCloud accounts, allowing the conspirators to track their locations and break into their homes to steal devices containing the cryptocurrency. Lam agreed to forfeit many of his exotic vehicles, including several Ferraris and Rolls-Royces, as part of the plea deal.