Malone Lam, a 22-year-old Singaporean, has pleaded guilty to his role in an international cryptocurrency theft and money-laundering conspiracy involving more than $245 million in stolen Bitcoin.
Lam pleaded guilty in a U.S. federal court to a racketeering conspiracy charge after prosecutors accused him of leading a network that targeted cryptocurrency holders through sophisticated social-engineering schemes.
According to prosecutors, Lam and his associates posed as representatives of companies including Google and cryptocurrency exchange Gemini to deceive a victim in Washington, D.C., into providing access credentials and security codes. The scheme enabled them to steal more than 4,100 Bitcoin in August 2024.
The stolen cryptocurrency was subsequently laundered and converted into cash, which investigators said funded an extravagant lifestyle. Lam and his associates allegedly purchased more than 30 luxury vehicles, rented expensive mansions, traveled on private jets, and spent heavily at nightclubs.
Lam alone reportedly spent $569,000 in a single night at a Los Angeles nightclub.
Lam was arrested in Miami in September 2024. He now faces a maximum sentence of 20 years in prison, with sentencing yet to be scheduled.
The case is regarded as one of the largest cryptocurrency thefts in U.S. history.
