Malone Lam pleaded guilty to a federal racketeering conspiracy charge for stealing nearly a quarter-billion dollars in bitcoin.
Malone Lam, a 22-year-old from Singapore, pleaded guilty to a federal racketeering conspiracy charge for his role in one of the largest cryptocurrency thefts in U.S. history. Lam organized a network of young men who used social engineering techniques to dupe a Washington, D.C., resident out of over 4,100 bitcoin, valued at more than $245 million.
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Two of Lam's co-conspirators posed as representatives of Google and the Gemini crypto exchange to gain access to the man's Google Drive and security codes. After the theft, Lam spent a month laundering the stolen cryptocurrency into cash to fund a spending spree. He purchased over 30 cars, including custom Porsches, Lamborghinis, and Ferraris, and a $2 million watch. Lam also rented mansions in Miami and spent millions at night clubs, including $569,000 in a single evening at a Los Angeles club. FBI agents arrested Lam in Miami after an off-duty law enforcement officer tipped him off that authorities were coming. Lam faces a maximum prison sentence of 20 years.