Crypto
Singaporean Man Pleads Guilty to Stealing $245M in Bitcoin
A Singaporean man named Malone Lam has pleaded guilty to stealing over $245 million in Bitcoin from a Washington, D.C. resident.
The theft occurred in August 2024 and was one of the largest cryptocurrency thefts involving a single victim in U.S. history, according to prosecutors.
Lam, 22, used social engineering tactics to obtain access to the victim's Google Drive contents and security codes, allowing him to siphon off more than 4,100 Bitcoin.
The stolen cryptocurrency was then laundered by Lam and his co-conspirators, who used it to fund a lavish lifestyle, including purchasing sports cars, renting mansions in Miami, and spending extensively at nightclubs.