S'porean pleads guilty in US$245m cryptocurrency heist case
Malone Lam, a Singaporean national, has pleaded guilty in a US court to his role in a massive cryptocurrency theft scheme. The group used social engineering and technical breaches to target high-net-worth individuals and steal digital assets.
Why it matters
The case underscores the growing sophistication of cybercrime and the vulnerabilities inherent in digital asset security.
On Sept 9, Lam pleaded guilty to his role as a ringleader in organising one of the US’ largest cryptocurrency thefts.
Listen SINGAPORE - Singaporean Malone Lam was 19 when he flew to Texas in October 2023 on his own to live with a few gamers he befriended online through the video game Minecraft .
Within a month of living together, the group hatched a plan to steal cryptocurrency by impersonating employees of security and technical support teams at major companies like Google and cryptocurrency exchanges like Coinbase.
Lam, who told US investigators he had dropped out of school when he was 13, used his knowledge of computer software and technology to obtain breached databases containing cryptocurrency-related information and lists of high-net-worth individuals.
The group then targeted these individuals.
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