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Singaporean man pleads guilty in US over $245m bitcoin theft
Prosecutors said the case involved racketeering conspiracy and that the conspiracy ran from at least October 2023 through May 2025.
A Singaporean man, Malone Lam, pleaded guilty in US federal court to racketeering conspiracy tied to one of the largest cryptocurrency thefts, US authorities said. Lam admitted to helping coordinate a scheme to steal $245m of bitcoin and launder the proceeds, according to the US Department of Justice, with prosecutors describing an international network.
The DOJ said the group used the proceeds to fund an expensive lifestyle, including spending up to $500,000 per visit to nightclubs and buying a fleet of exotic cars priced between $100,000 and $3.8m. Court documents also cited purchases such as luxury goods and rental homes, along with private jet rentals and private security guards.
Prosecutors said the conspiracy began no later than October 2023 and continued through at least May 2025, and that co-conspirators connected via online gaming platforms. The DOJ alleged they tricked victims into handing over confidential information and carried out occasional home break-ins to obtain details that allowed the group to drain victims' cryptocurrency wallets.
Lam faces a maximum prison term of 20 years. US Attorney Jeanine Pirro said prosecutors would dismantle the operation and hold the defendant accountable if cybercrime offenders build and run such schemes.
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