Malone Lam pleads guilty in $240 million bitcoin theft case

Lam, a 22-year-old Singaporean living in the United States, pleaded guilty in Washington to federal racketeering conspiracy. He is one of 18 defendants charged in the case and the 11th reported to plead guilty. [1][2][3]

The underlying theft occurred in August 2024, when Lam and others used social-engineering tactics against a Washington, DC, resident. Prosecutors said more than 4,100 bitcoin worth over $245 million was siphoned from the victim’s accounts. [1][2][3]

Two alleged co-conspirators posed as representatives of Google and the Gemini cryptocurrency exchange. They manipulated the victim into providing access to Google Drive and revealing security codes used to transfer the bitcoin. [1][2][3]

Authorities said Lam helped launder the stolen cryptocurrency and convert it into cash. The reported spending included a $2 million watch, more than 30 cars, rented Miami mansions and millions of dollars at nightclubs. [1][2][3]

The spending spree lasted about a month before FBI agents arrested Lam in Miami, according to the reports. His sentencing had not been scheduled at the time of the guilty plea. [2][3]