Singaporean Man Pleads Guilty to Leading $328M Crypto Theft Ring
A 22-year-old Singaporean, Malone Lam, has pleaded guilty in a US court to leading a cryptocurrency theft ring that stole over S$328 million from multiple victims. The case is believed to be the first bitcoin-related case brought by the US Department of Justice under the Racketeer Influenced and Corrupt Organizations (RICO) Act.
The group, which targeted individuals with large cryptocurrency holdings through 'social engineering' attacks, used fake identities from trusted companies like Google to trick victims into revealing sensitive information. This allowed them to gain access to their wallets and transfer funds.
Lam was arrested in September 2024 after the group carried out one of its largest thefts, obtaining over 4,100 bitcoin worth around US$230 million. He had spent millions on luxury items, including private jets, security guards, and rental properties, which drew the attention of authorities.
Lam faces a maximum sentence of 20 years in prison and has been ordered to repay more than US$245 million in stolen funds to his victims.