🚨🇸🇬 Malone Lam pleads guilty over $245M Bitcoin social engineering heist
The 22-year-old Singaporean admitted his role in the operation that stole more than 4,100 BTC from a single Washington, D.C. victim in August 2024.
Members of the group impersonated Google and Gemini representatives and convinced the victim to provide access to his Google Drive and security codes, allowing Lam to drain the wallets.
The stolen Bitcoin was worth more than $245M at the time.
Lam and his associates then laundered the crypto and went on a massive spending spree involving private jets, mansions, luxury watches, and exotic cars.
Lam alone reportedly:
• Spent $569K in one night at an LA nightclub
• Bought a $2M watch
• Acquired more than 30 cars, including Porsches, Lamborghinis, and Ferraris
The broader enterprise is accused of stealing more than $263M in cryptocurrency through social engineering, hacking, money laundering, and even home break-ins targeting hardware wallets.
18 people have been charged. Lam is the 11th to plead guilty.
He faces up to 20 years in federal prison. A sentencing date has not yet been set.
Source: https://t.co/0eSXq5E9JJ
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https://t.co/hQ8UbX94pE