22-year-old man from Singapore has pleaded guilty to his role in one of the largest cryptocurrency thefts in U.S. history after a scheme targeting a Washington, D.C., resident resulted in the theft of more than $245 million in bitcoin.
Malone Lam admitted to participating in a federal racketeering conspiracy involving a network of young men who prosecutors say used sophisticated social-engineering tactics to target cryptocurrency holders.
In the August 2024 theft, members of the group allegedly posed as representatives of Google and cryptocurrency exchange Gemini. They manipulated the victim into providing access to his Google Drive and security information, allowing the group to take more than 4,100 bitcoin.
After obtaining the cryptocurrency, the group laundered the proceeds and quickly began spending lavishly. Investigators say the money funded luxury cars, private jets, expensive watches, rented mansions and extravagant nightclub outings. Lam reportedly spent more than $569,000 in a single night at a Los Angeles nightclub.
Lam is one of 18 defendants charged in the broader investigation and the 11th to plead guilty. He faces a maximum sentence of 20 years in federal prison, with his sentencing date yet to be scheduled.
The case highlights the growing sophistication of cryptocurrency-related fraud and the enormous financial risks associated with social-engineering attacks targeting digital assets.
