Singaporean Ringleader Pleads Guilty in $245M Bitcoin Heist Case
Malone Lam, a 22-year-old Singaporean, has pleaded guilty to orchestrating one of the largest cryptocurrency thefts in US history. The alleged mastermind admitted to a federal racketeering conspiracy charge on Tuesday.
Prosecutors claim that Lam and his associates stole $245 million worth of bitcoin from a Washington resident. The stolen funds were then spent lavishly, with reports suggesting that they dropped up to $500,000 per nightclub visit and purchased exotic cars ranging from $100,000 to $3.8 million.
US Attorney Jeanine Pirro emphasized the authorities' commitment to dismantling cybercrime empires, regardless of their complexity. Lam now faces a maximum sentence of 20 years in prison, but his sentencing hearing has yet to be scheduled.