Singaporean Man Pleads Guilty to Masterminding $240 Million Bitcoin Heist
A 22-year-old man from Singapore has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in U.S. history, netting nearly a quarter-billion dollars in Bitcoin.
Malone Lam, an eighth-grade dropout who came to the United States, faces up to 20 years in prison after pleading guilty to a federal racketeering conspiracy charge.
Lam was one of several young men involved in a network of crypto scams that started in 2023, according to prosecutors. He and his co-conspirators used 'social engineering' techniques to dupe a Washington D.C. resident out of Bitcoin worth over $245 million in August 2024.
Lam helped launder the stolen cryptocurrency into cash, which he used to buy luxury items such as a $2 million watch and more than 30 cars, including custom Porsches, Lamborghinis, and Ferraris.