Singapore man pleads guilty in $245 million bitcoin heist targeting DC resident
A Singapore national pleaded guilty to orchestrating a $245 million bitcoin theft from a Washington, DC resident through social engineering.
A 22-year-old Singapore national has admitted to his role in one of the largest cryptocurrency thefts in United States history, a scheme that defrauded a Washington, D.C. resident of bitcoin valued at over $245 million.
Malone Lam, who prosecutors say dropped out of school in the eighth grade before moving to the U.S., entered a guilty plea on Tuesday to a federal racketeering conspiracy charge. He now faces up to 20 years in prison. U.S. District Judge Colleen Kollar-Kotelly has yet to set a date for sentencing.
Court documents describe Lam as an organizer within a network of young men who executed a series of crypto scams beginning in 2023. He is among 18 defendants charged in the broader investigation, and his plea marks the 11th conviction in the case, representing a significant step for the Justice Department's probe.
The theft occurred in August 2024 when Lam and his associates employed "social engineering" tactics to deceive the victim. Two alleged co-conspirators posed as representatives from Google and the Gemini cryptocurrency exchange, tricking the man into granting access to his Google Drive and revealing security codes. This allowed Lam to siphon off more than 4,100 bitcoin.
Following the theft, Lam engaged in an elaborate money-laundering operation, converting the stolen crypto into cash. The proceeds funded a month-long spending spree that included a fleet of sports cars, rented mansions in Miami, and millions spent at nightclubs—including a single $569,000 tab at a Los Angeles venue. Authorities also noted the purchase of a $2 million watch and over 30 vehicles, including custom Porsches, Lamborghinis, and Ferraris.
The lavish lifestyle came to an end when FBI agents arrested Lam in Miami. An indictment revealed that an off-duty law enforcement officer had tipped him off about the impending arrest. In a recorded jail call, Lam reflected on the situation, telling associates, "We always talked about what it would be like if I were to go down, but never thought it would be this crazy."
During the court proceeding, when the judge asked Lam to clarify which of the vehicles he had personally purchased, he requested additional time to recall, stating, "I would need some time."