Singaporean man admits role in $245 million US Bitcoin theft

A 22-year-old man from Singapore has pleaded guilty in the United States to helping steal nearly $245 million in Bitcoin from A 22-year-old man from Singapore has pleaded guilty in the United States to helping steal nearly $245 million in Bitcoin from a Washington, D.C., resident in one of the largest cryptocurrency thefts in U.S. history. 

Malone Lam pleaded guilty to a federal racketeering conspiracy charge after prosecutors accused him of helping organise a group that carried out cryptocurrency scams beginning in 2023. The group used social-engineering techniques, including impersonating technology and cryptocurrency company representatives, to obtain access to the victim’s accounts. More than 4,100 bitcoins were ultimately stolen. 

Prosecutors say the stolen cryptocurrency was subsequently laundered, with Lam and others spending the proceeds on luxury cars, expensive accommodation and extravagant entertainment. Lam reportedly purchased more than 30 luxury vehicles and spent hundreds of thousands of dollars during individual nights at clubs. 

Lam is one of 18 people charged in the wider investigation and the 11th defendant to plead guilty. He faces a maximum sentence of 20 years in prison, although a sentencing date had not yet been set. The case highlights the growing scale of cryptocurrency-related crime and the use of social engineering to target digital assets.