Singaporean Scammer's $339M Bitcoin Heist Ends in Guilty Plea
A young man from Singapore has pleaded guilty to teaming up with friends to steal nearly $339 million in Bitcoin. Malone Lam, 22 years old, was the ringleader of a network of scammers who carried out a string of crypto scams starting in 2023.
Lam and his co-conspirators used 'social engineering' techniques to dupe a Washington man into giving them access to his Google Drive and revealing security codes that allowed Lam to siphon off over 4,100 Bitcoin. The stolen funds were laundered through multiple exchange platforms and converted into government-issued cash.
Lam spent the laundered proceeds on a wild spending spree, buying a fleet of sports cars, renting mansions in Miami, and spending millions at nightclubs. He even purchased a $2 million watch and over 30 cars, including custom Porsches, Lamborghinis, and Ferraris.
Lam faces up to 20 years in prison after pleading guilty to a federal racketeering conspiracy charge. The case marks a major breakthrough for the Justice Department's investigation into crypto scams.