Singaporean Man Pleads Guilty to Leading $260m Crypto Theft Ring
Singaporean Malone Lam has pleaded guilty in a US court to a racketeering conspiracy charge related to his role in a cryptocurrency theft ring that stole more than $260 million from multiple victims. The 22-year-old admitted orchestrating and leading the crime, which targeted people with large cryptocurrency holdings through 'social engineering' attacks.
The case is believed to be the first Bitcoin-related case built under the Racketeer Influenced and Corrupt Organizations (RICO) Act. Lam faces a maximum prison term of 20 years for his crimes, which include conspiracy charges involving wire fraud and money laundering.
Prosecutor Christopher Howland said Lam 'played multiple roles' in the crime ring, while Lam himself detailed how he was seeing a therapist regularly and taking medication for depression, anxiety, and to help with his sleeping. When asked how he pleaded, Lam replied: 'I plead guilty, Your Honour.'