Singapore man pleads guilty to orchestrating $240 million bitcoin theft from DC resident
Summary
A 22-year-old man named Malone Lam pleaded guilty to organizing a plan that stole over $240 million in bitcoin from a Washington, D.C., resident. Lam and his group tricked the victim using fake Google and crypto exchange identities, then spent the stolen money on luxury cars, mansions, and nightclubs before Lam was arrested.Key Facts
- Malone Lam is 22 years old and came from Singapore to the U.S.
- Lam pleaded guilty to federal racketeering conspiracy related to a major bitcoin theft.
- The theft took place in 2024 and involved stealing more than 4,100 bitcoin valued at over $245 million.
- Lam and others used “social engineering” by pretending to be Google and Gemini crypto representatives.
- The stolen bitcoin was converted into cash that funded a lavish lifestyle, including sports cars, mansions, and nightclub spending.
- Among Lam’s purchases were a $2 million watch and more than 30 luxury cars like Porsches, Lamborghinis, and Ferraris.
- Lam is one of 18 charged defendants and the 11th to plead guilty in this case.
- He faces up to 20 years in prison and awaits sentencing in Washington.
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