Singaporean Pleads Guilty in $240M Bitcoin Theft Involving Gemini Impersonation
Singaporean Malone Lam is set to plead guilty in one of the largest Bitcoin thefts on American soil, according to reports. In August 2024, Lam and his associates allegedly impersonated representatives from Google and Gemini to convince a wealthy investor based in Washington, D.C. that their accounts were compromised. The scammers convinced the target to hand over security codes and access credentials, allowing them to transfer his Bitcoin holdings out of his control.
The theft occurred as part of a broader criminal operation that had been running since October 2023. By the time authorities dismantled it, the group had been linked to thefts totaling more than $263 million across multiple incidents stretching through March 2025. The FBI arrested Lam in September 2024 at a Miami mansion, where they reportedly found evidence of how the stolen funds were being spent.
The case marks the first time a Bitcoin-related prosecution has been brought under the Racketeer Influenced and Corrupt Organizations Act (RICO), a statute historically associated with organized crime syndicates rather than crypto theft rings. Eighteen people have been indicted in connection with the scheme, with ten already pleading guilty ahead of Lam's scheduled hearing.