Singaporean Man Pleads Guilty to Massive $240M Bitcoin Heist
A 22-year-old man from Singapore has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in U.S. history. Malone Lam, who dropped out of eighth grade, teamed up with friends to steal nearly a quarter-billion dollars' worth of Bitcoin from a Washington, D.C., resident in August 2024.
Using 'social engineering' techniques, two of Lam's co-conspirators posed as representatives of Google and the Gemini crypto exchange to manipulate the victim into giving them access to his Google Drive and revealing security codes that allowed Lam to siphon off over 4,100 Bitcoin.
Lam then laundered and covertly sold the stolen crypto for cash, which he used to fund a lavish spending spree. He bought a fleet of sports cars, rented mansions in Miami, and spent millions at night clubs, including $569,000 in one evening at an LA club.
Lam's purchases included a $2 million watch and more than 30 cars, including custom Porsches, Lamborghinis, and Ferraris. He faces a maximum prison sentence of 20 years after pleading guilty to a federal racketeering conspiracy charge.