Singaporean pleads guilty in $245 million bitcoin theft
International Business Times AU
Malone Lam, a 22-year-old Singaporean, pleaded guilty to racketeering conspiracy in a scheme that prosecutors say stole more than 4,100 bitcoin—valued at over $245 million—from a Washington resident via social engineering. Court filings say Lam organized an international network that impersonated Google and the Gemini exchange to gain account access, then laundered funds through mixers, exchanges, peel chains, wallets and VPNs. Prosecutors say Lam spent proceeds on more than 30 luxury vehicles, a $3.8 million Pagani Huayra, expensive watches and lavish nightlife bills. He faces up to 20 years, arrests occurred in September 2024, and prosecutors will continue pursuing other defendants.
Defendant admitted organizing theft of over 4,100 bitcoin.
Context
The theft occurred on Aug. 18, 2024 and prompted arrests in September 2024. Court proceedings are ongoing and more prosecutions are expected. Sentencing for the guilty plea has not yet been scheduled.
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