Singaporean man pleads guilty in US to massive crypto heist
Malone Lam and his associates used the proceeds of their crimes to fund a luxurious lifestyle, US authorities said.
Singaporean man pleads guilty in US to massive crypto heist
Malone Lam, 22, is accused of organising a group of friends to steal cryptocurrency
A Singaporean man pleaded guilty on Tuesday in the US to a racketeering conspiracy charge over his role in organising one of the largest cryptocurrency thefts ever.
Malone Lam admitted that he worked with friends to steal $245m (£181m) in bitcoin and to launder the proceeds.
According to the US Department of Justice (DOJ), the 22-year-old and his associates spent as much as $500,000 on a single night out at nightclubs. The DOJ also said they bought a collection of exotic cars worth between $100,000 and $3.8m each.
Lam could receive a maximum prison term of 20 years. US District Judge Colleen Kollar-Kotelly did not immediately set a sentencing date for him.
"If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable," said US Attorney Jeanine Pirro said.
"This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency," she added.
Court documents say the conspiracy started no later than October 2023 and lasted until at least May 2025.
The co-conspirators, who came from California, Connecticut, New York, Florida, and outside the US, met through online gaming platforms.
The DOJ said Lam, who also used the names Anne Hathaway, $$$, and King Greavy, was the leader of the criminal operation, identifying victims and coordinating the roles of the various conspirators.
They deceived people into handing over confidential information and also carried out occasional home break-ins to get details that let them drain victims' cryptocurrency wallets, the DOJ said.
The stolen cryptocurrency was also used to buy Hermes Birkin handbags, worth tens of thousands of dollars, which were thrown into crowds at nightclub parties, according to the DOJ.
Other purchases the DOJ said were made with the proceeds included high-end watches worth up to $500,000, luxury clothing worth tens of thousands of dollars, rental homes in Los Angeles, the Hamptons, and Miami, private jet rentals for travel, and a team of private security guards.