Singaporean pleads guilty in US$245 million bitcoin heist
Apnews · 2 SOURCESabout 2 hours ago2 MIN
Summary
Malone Lam, a 22-year-old Singaporean, pleaded guilty on Tuesday in Washington to a federal racketeering conspiracy charge tied to one of the largest cryptocurrency thefts in US history. Prosecutors said Lam helped organise a network of young men who used social engineering in August 2024 to trick a Washington, D.C., resident into surrendering access that allowed more than 4,100 bitcoin worth over US$245 million to be stolen. The proceeds were allegedly laundered and then spent on sports cars, private jets, security guards, rented mansions in Miami and the Hamptons, and lavish nightlife. Lam is one of 18 defendants charged and the 11th to plead guilty, while his sentencing date has not yet been set
Key Points
- The victim was a Washington resident who was deceived on August 18, 2024, after callers posed as representatives of Google and Gemini.
- Prosecutors said the scam gave the group access to the man’s Google Drive and security codes, enabling Lam to siphon off over 4,100 bitcoin
- AP described Lam as an alleged ringleader whose spending included more than US$569,000 in a single evening at a Los Angeles nightclub
- The group’s month-long spending spree included fleets of sports cars, private jet travel, hired security and mansion rentals in Miami and the Hamptons.
- Lam, an eighth-grade dropout who came to the United States from Singapore, faces a maximum prison sentence of 20 years after pleading guilty
Why It Matters
The case shows how social engineering, rather than a technical hack alone, can unlock enormous crypto losses when victims are manipulated into handing over account access and security codes. For Hong Kong readers, it is a reminder that cross-border crypto crime can move stolen assets quickly into luxury spending while enforcement and regulation struggle to keep pace. AP also reported that complaints of cryptocurrency investment fraud to the FBI rose by nearly 50% in 2025, underscoring the scale of the threat