Leader of $245 million crypto theft pleads guilty in U.S. court
Malone Lam, a 22-year-old Singaporean, pleaded guilty in Washington D.C. to running a racketeering operation that stole over $245 million in cryptocurrency from victims between 2023 and 2025. Lam led a group that used social engineering, including impersonating tech support and physical break-ins, to access digital wallets. Prosecutors said the stolen funds were used for expensive travel, luxury goods, and private jets. Multiple members of the group have also pleaded guilty.
- Lam pleaded guilty to racketeering charges
- Group stole over $245 million via social engineering
- Members impersonated tech support to access wallets
- Lavish spending followed the thefts, say prosecutors
- Operation started in late 2023, included U.S. and foreign members
Sources covering this
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