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Malone Lam pleads guilty in $245M cryptocurrency theft case
Malone Lam, a 22-year-old Singaporean national, has pleaded guilty to a federal racketeering conspiracy in Washington, D.C., involving the theft and laundering of over $245 million in cryptocurrency. Prosecutors describe Lam as the organizer of an international cybercrime network that utilized social engineering to target wealthy cryptocurrency holders.
The largest single incident occurred in August 2024, when the group allegedly impersonated representatives from Google and the Gemini exchange to trick a Washington, D.C. resident into providing access to their Google Drive and security codes. This allowed the group to siphon off more than 4,100 Bitcoin.
Following the theft, Lam and his associates engaged in an extensive spending spree, using the laundered funds to purchase luxury sports cars, rent mansions in Miami and the Hamptons, and spend millions at nightclubs. Lam faces a maximum prison sentence of 20 years. He is one of 18 defendants charged in the investigation, which authorities describe as one of the largest cryptocurrency thefts in U.S. history.
Entities
Colleen Kollar-Kotelly · Department of Justice · FBI · Gemini · Google · Malone Lam · U.S. Department of Justice
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 20 SOURCES] The theft involved more than 4,100 Bitcoin, valued at over $240 million at the time of the incident. internewscast.com · srnnews.com · www.singtaousa.com · www.bangordailynews.com · www.newsday.com · +14 more
- [● 21 SOURCES] The group used social engineering to trick a victim into sharing Google Drive access and security codes. internewscast.com · srnnews.com · www.singtaousa.com · www.bangordailynews.com · www.newsday.com · +15 more
- [● 15 SOURCES] The suspects spent the stolen funds on luxury items including sports cars, private jets, and mansions. internewscast.com · srnnews.com · www.singtaousa.com · www.bangordailynews.com · www.newsday.com · +7 more
- [● 5 SOURCES] A total of 18 defendants have been charged in connection with the case. srnnews.com · www.singtaousa.com · sentinelcolorado.com · therecord.media
- [● 20 SOURCES] Malone Lam and his accomplices were part of a network of young men who used social engineering to steal cryptocurrency. internewscast.com · srnnews.com · www.singtaousa.com · www.bangordailynews.com · www.newsday.com · +14 more
- [● 6 SOURCES] Malone Lam is the 11th defendant to plead guilty in the investigation. srnnews.com · www.singtaousa.com · www.bangordailynews.com · www.scmp.com · nwasianweekly.com
- [● 12 SOURCES] Malone Lam faces a maximum prison sentence of 20 years for racketeering conspiracy. srnnews.com · www.singtaousa.com · coinedition.com · nwasianweekly.com · www.bangordailynews.com · +5 more
- [● 2 SOURCES] Federal sentencing guidelines for Lam could recommend a minimum of 14 years in prison. www.singtaousa.com