Singaporean man pleads guilty in US to massive crypto heist
A 22-year-old Singaporean man, Malone Lam, has pleaded guilty in a US court to orchestrating a $245 million cryptocurrency theft. Lam led an international network that laundered stolen funds through luxury purchases and high-end nightlife before being apprehended by US authorities.
Why it matters
This case underscores the ongoing challenges of cross-border cybercrime and the legal consequences for individuals operating international crypto-laundering rings.
Image source, Broward County Sheriff's Office Image caption, Malone Lam, 22, was accused of organising a group of friends to steal cryptocurrency
A Singaporean man pleaded guilty on Tuesday to a racketeering conspiracy charge in the US for organising one of the biggest ever cryptocurrency thefts.
Malone Lam admitted to teaming up with friends to steal $245m (£181m) of bitcoin and laundering the proceeds.
The 22-year-old and his associates used the money to spend up to $500,000 per evening at nightclubs, according to the US Department of Justice (DOJ). It also said they bought a fleet of exotic cars, ranging in value from $100,000 to $3.8m.
Lam faces a maximum prison sentence of 20 years. US District Judge Colleen Kollar-Kotelly did not immediately schedule a sentencing hearing for him.
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