Malone Lam, a 22-year-old originally from Singapore, pleaded guilty on Tuesday to conspiring with friends to steal nearly $240 million in bitcoin from a Washington, D.C., resident, according to the Associated Press. Federal prosecutors described it as one of the largest cryptocurrency thefts in U.S. history, saying the group laundered the proceeds and spent them on a lavish spree. Lam, an eighth-grade dropout who came to the U.S. from Singapore, faces a potential prison sentence.
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The U.S. Justice Department has filed a grand jury superseding indictment against Malone Lam and co-defendants accused of carrying out one of the largest cryptocurrency thefts in U.S. history. According to the AP, the group of young men allegedly duped a victim out of bitcoin worth over $240 million in August 2024, laundered the proceeds through a sophisticated scheme, and then went on a lavish spending spree to celebrate the heist.
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