Singaporean Pleads Guilty in US$245 Million Crypto Heist, Forfeits 28 Luxury Cars
Singaporean Malone Lam's life took a drastic turn when he was arrested in September 2024 for his role in one of the US' largest cryptocurrency thefts. At just 19 years old, Lam had dropped out of school at age 13 and spent his days playing Minecraft online, befriending gamers who would later become accomplices in a massive scheme to steal cryptocurrency.
Lam used his knowledge of computer software and technology to obtain breached databases containing cryptocurrency-related information and lists of high-net-worth individuals. He then impersonated employees of security and technical support teams at major companies like Google and Coinbase, convincing targets to provide personal account information by pretending to be security technicians.
The group's largest haul came in August 2024 when they stole $245 million from a victim identified only as R.W. Lam continually sent Google account access attempt notifications to the victim, who was eventually convinced to provide private keys to his digital currency holdings after being impersonated by Gemini's security team.
Lam faces up to 20 years in jail and has already forfeited 28 luxury vehicles worth between $100,000 and $3.8 million each, including at least seven Lamborghinis and multiple Ferraris. He also admitted to laundering the stolen money through professional networks on the dark web, including a Russian operation that existed on a forum.