Singapore man pleads guilty in federal court to massive bitcoin theft scheme

The short version

• Malone Lam pleaded guilty to federal racketeering conspiracy after orchestrating a major bitcoin theft targeting a resident of Washington, D.C.[Associated Press]
• Prosecutors stated that Lam and his co-conspirators deceived the victim in August 2024 using social engineering tactics to steal cryptocurrency valued at over $245 million.[Associated Press]
• Authorities reported that proceeds were laundered to finance luxury expenditures, including sports cars, nightclubs, and rental mansions.[Associated Press]
• An indictment indicates that an off-duty law enforcement officer warned Lam before federal agents arrested him.[Associated Press]

Key facts

• Malone Lam pleaded guilty to a federal racketeering conspiracy charge for orchestrating the theft of bitcoin from a Washington, D.C., resident.[Associated Press]
• Prosecutors alleged that Lam and co-conspirators used social engineering tactics in August 2024 to steal bitcoin worth more than $245 million.[Associated Press]
• Authorities stated that Lam laundered the stolen assets to finance sports cars, Miami mansions, and millions spent at nightclubs.[Associated Press]
• The indictment states that an off-duty law enforcement officer alerted Lam that authorities were en route to make an arrest.[Associated Press]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• Singapore man pleads guilty to orchestrating $240 million bitcoin theft from DC residentAssociated Press · Wire: associated-press