Singaporean's Crypto Scam Helping Fuel US-UK Alliance Against Fraud
A Singaporean man, Malone Lam, has pleaded guilty to participating in a scheme that stole over $245 million in cryptocurrency from a District of Columbia resident.
This was one of the largest cryptocurrency thefts in U.S. history, and prosecutors said Lam and his co-conspirators posed as representatives of an online trading company to trick the victim into giving them access to their cryptocurrency holdings.
The group used various tactics, including posing as Google and Gemini, to manipulate the victim into providing security codes, which enabled them to steal over 4,100 Bitcoin. Lam was also accused of laundering the stolen funds and spending lavishly on luxury items, including a $569,000 night at a Los Angeles nightclub.
Lam faces up to 20 years in prison when he is sentenced by U.S. District Judge Colleen Kollar-Kotelly. This case marks one of several brought against individuals involved in the scheme, with multiple defendants still awaiting sentencing or facing pending charges.