Singaporean, 22, Admits Role in $245 Million Bitcoin Heist
Bastillepost · 1 SOURCESabout 2 hours ago5 MIN
Summary
Singaporean national Malone Lam (林譽軒), 22, has pleaded guilty in a federal court in Washington to racketeering conspiracy over a scheme that stole 4,100 Bitcoin in its biggest single case and about US$245 million overall, or roughly HK$1.92 billion.
The US Department of Justice identified Lam as the ringleader of a criminal network that used social engineering and deception to obtain confidential information and private keys from victims holding large amounts of cryptocurrency.
Court documents said the conspiracy began no later than October 2023 and continued until at least May 2025, with members operating across California, Connecticut, New York, Florida and locations outside the United States.
After obtaining the proceeds, Lam and others allegedly spent heavily on luxury cars, watches, designer goods, private jets, rented mansions and nightclub bills, including one night in which Lam spent US$500,000.
Key Points
- Lam used online aliases including “Anne Hathaway”, “$$$” and “King Greavy”, and prosecutors said he identified targets and coordinated roles within the group.
- The group first met on online gaming platforms, then targeted large cryptocurrency holders by tricking victims into surrendering private keys and other sensitive information.
- In some cases, members went beyond online fraud and entered homes to search for information that could be used to transfer cryptocurrency.
- The largest known theft hit a Washington, DC holder, with more than 4,100 Bitcoin transferred out in one operation worth over US$240 million at the time.
- Lam pleaded guilty on September 9, while US District Judge Colleen Kollar-Kotelly had not yet set a sentencing date as of the report.
Why It Matters
For Hong Kong readers, the case is a reminder that cryptocurrency wealth can attract both online deception and offline intrusion, especially when private keys and account details are poorly protected.
It also shows how cybercrime networks can form in casual online spaces, move money across borders and convert digital theft into visible luxury spending before investigators catch up.