Singaporean Man Pleads Guilty to Organizing $245m Crypto Heist

A 22-year-old Singaporean man has pleaded guilty in the US to orchestrating one of the largest cryptocurrency heists in history. Malone Lam admitted to teaming up with friends to steal $245m (£181m) worth of Bitcoin, and laundering the proceeds.

The group spent lavishly on luxury items, including exotic cars valued between $100,000 and $3.8 million, Hermes Birkin handbags worth tens of thousands of dollars, high-end watches worth up to $500,000, and luxury clothing.

Lam faces a maximum prison sentence of 20 years for his role in the racketeering conspiracy charge. The US Department of Justice (DOJ) said Lam was the ringleader who identified victims and coordinated the roles of the different conspirators.