Singaporean Man Set to Plead Guilty in $240 Million Bitcoin Heist

Malone Lam, a 22-year-old Singaporean, is set to plead guilty in connection with a massive Bitcoin theft worth about $240 million. According to prosecutors, Lam and his associates targeted a Washington investor in August 2024 using social engineering techniques.

The group allegedly convinced the investor to provide access to their account and security codes, allowing them to transfer more than 4,100 Bitcoin through several exchanges.

Lam's lavish spending drew attention after investigators linked him to a wider network of crypto scammers. He reportedly spent over $569,000 at a Los Angeles nightclub, among other extravagant purchases.