Singaporean National Agrees to Plead Guilty in First Bitcoin RICO Case

A Singaporean national named Malone Lam has agreed to plead guilty in what is being hailed as the first Bitcoin RICO case built by the Justice Department. The scheme, which involved the theft of over 4,100 Bitcoins from a Washington D.C. investor, was carried out by Lam and his associates. They posed as support staff from Google and the Gemini exchange, warning the victim that their accounts had been compromised.

The victim was tricked into handing over access to their Google Drive and security codes, allowing the thieves to gain control of their Bitcoin holdings. The theft, valued between $240 million and $263 million at the time of the crime, is one of the largest single crypto heists in U.S. history.

Lam's associates, Veer Chetal and Jeandiel Serrano, have already pleaded guilty to related charges. Prosecutors argue that their actions constitute an organized crime syndicate, warranting the use of the Racketeer Influenced and Corrupt Organizations Act (RICO).