22-year-old stole $245M in Bitcoin, then spent it on Ferraris and a $569K night out
A 22-year-old Singaporean man has pleaded guilty to his role in a massive cryptocurrency theft operation that laundered over $245 million. The group used social engineering tactics to target victims before spending the stolen funds on luxury goods and extravagant lifestyles.
Why it matters
The case highlights the growing sophistication of international cybercrime syndicates and the significant risks associated with digital asset security.
A 22-year-old Singaporean man has pleaded guilty to his role in an international cryptocurrency racketeering operation that prosecutors say stole and laundered more than $245 million in digital assets. Malone Lam, an eighth-grade dropout who later lived in Miami, admitted to participating in a RICO conspiracy after investigators linked him to a network that used social engineering to target cryptocurrency holders. In the biggest theft described in the case, Lam and his associates obtained more than 4,100 Bitcoin from a Washington, DC, victim in August 2024 after conspirators posed as representatives of Google and the Gemini cryptocurrency exchange.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in