Singaporean Man Pleads Guilty to Massive $245M Crypto Heist

A Singaporean man has been accused of orchestrating a massive cryptocurrency heist that netted over $245m (£181m) in Bitcoin. Malone Lam, 22, pleaded guilty to racketeering conspiracy charges in the US and faces up to 20 years in prison.

Lam worked with associates to deceive victims, obtain confidential information, and drain their cryptocurrency wallets before laundering the proceeds. The group spent the stolen fortune on lavish lifestyle expenses, including exotic cars, luxury homes, private jets, and designer goods.

The US Department of Justice (DOJ) described Lam as the ringleader who identified targets and coordinated the roles of other members of the network. Investigators said the group used deception to obtain victims' confidential information and carried out home break-ins to access and empty cryptocurrency wallets.