Singaporean National Pleads Guilty to $245M Cryptocurrency Theft

A Singaporean national has pleaded guilty to leading an international cybercrime enterprise that stole over $245 million in cryptocurrency, according to a U.S. Attorney's Office for the District of Columbia press release.

The 22-year-old man, Malone Lam, was arrested in Miami in September 2024 and faces up to 20 years in prison for racketeering conspiracy charges.

Lam and his co-conspirators used social engineering techniques to target a Washington, D.C. resident, stealing more than 4,100 Bitcoin valued at over $245 million at the time.

The stolen funds were laundered through various methods, including the use of multiple cryptocurrency exchanges and transfer services.