Singaporean Pleads Guilty to Stealing Over $245M in Bitcoin via Social Engineering Scheme

Malone Lam, a 22-year-old Singaporean, has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in U.S. history. He admitted to stealing over $245 million in Bitcoin through a sophisticated social engineering scheme that targeted people with large cryptocurrency holdings.

Lam and his co-conspirators impersonated employees of trusted companies, including Google, to persuade victims to disclose personal information such as passwords, seed phrases, and authentication codes. One of the largest thefts occurred in August 2024, when Lam's group obtained more than 4,100 Bitcoin from a single victim in Washington, D.C., valued at approximately $230 million at the time.

The group attempted to launder the stolen cryptocurrency by converting it into payment cards or cash. However, their lavish spending quickly attracted law enforcement attention. Lam purchased a fleet of exotic cars and luxury watches, rented high-end properties, hired private security teams, and chartered private jets.

Lam faces a maximum prison sentence of 20 years and has been ordered to repay more than $245 million in restitution to victims. The case marks the first Bitcoin-related prosecution under the Racketeer Influenced and Corrupt Organizations (RICO) Act, a federal law traditionally used against organized crime syndicates.