Malone Lam Pleads Guilty in $245 Million Bitcoin Heist
Updated
Updated · The New York Times · Sep 9
Malone Lam Pleads Guilty in $245 Million Bitcoin Heist
1 articles · Updated · The New York Times · Sep 9
Summary
Malone Lam, a 22-year-old Singapore citizen, pleaded guilty in Washington federal court to racketeering and conspiracy tied to a cryptocurrency theft ring worth more than $245 million.
Prosecutors said Lam led an international network that used social engineering to trick crypto holders into surrendering access, including one August 2024 theft of more than $240 million in Bitcoin.
The enterprise operated from fall 2023 to spring 2025, with members meeting largely on online gaming platforms before stealing and laundering the cryptocurrency, according to court records.
A 2024 spending spree helped expose the group: prosecutors cited 31 luxury cars, rented Miami mansions, private-jet trips and a $569,525 Los Angeles nightclub tab before Lam and two co-conspirators were arrested in September 2024.