Singaporean Man Pleads Guilty to Leading $245m Crypto Heist

A Singaporean man has pleaded guilty to leading a group that stole $245 million in cryptocurrency from a single individual.

The group, which consisted of 18 members including Malone Lam, met through online gaming forums and used social engineering techniques to trick victims into divulging access credentials.

Lam spent lavishly on nightclubs, purchasing over 30 cars and renting several mansions. He also laundered the stolen funds, turning them into government-issued paper currency.

The largest theft occurred in August 2024, when the group stole more than 4,100 Bitcoin through a series of telephone calls impersonating officials from Google and Gemini.