22-year-old pleads guilty in US' biggest Bitcoin theft; spent millions on cars & more

​A cryptocurrency investor in Washington, DC, lost more than $ 240 million in Bitcoin in 2024. The incident took place after a group of young scammers allegedly posed as Google and Gemini executives. Malone Lam, a 22-year-old Singaporean eighth-grade dropout accused of organising the scheme, has pleaded guilty to his role in the theft.​An AP report claims that after obtaining more than 4,100 Bitcoin, Lam and his associates allegedly spent the proceeds on fleets of sports cars, private jets, rented mansions, luxury watches and nightclub outings, with Lam spending more than $569,000 at a Los Angeles nightclub in a single evening.​22-year-old school dropout pleads guilty in $240 million Bitcoin theft​Lam, an eighth-grade dropout from Singapore, pleaded guilty to a racketeering conspiracy charge in federal court in Washington, DC. His guilty plea makes him the 11th of 18 defendants charged in the wider investigation to plead guilty, according to prosecutors.