A 22-year-old man has pleaded guilty to orchestrating a scheme that stole nearly a quarter-billion dollars in bitcoin from a Washington, D.C., resident, marking a significant development in one of the largest cryptocurrency thefts in U.S. history. Malone Lam, originally from Singapore, faces a maximum of 20 years in prison after entering a guilty plea to a federal racketeering conspiracy charge.
Lam was one of 18 defendants charged in the case, and his conviction is the 11th guilty plea. Prosecutors stated that Lam organized a network of young men who began conducting cryptocurrency scams in 2023. The theft in question occurred in August 2024, when Lam and others utilized social engineering tactics to defraud the D.C. resident.
According to prosecutors, two associates of Lam posed as representatives from Google and the Gemini crypto exchange. Through this deception, they manipulated the victim into granting access to his Google Drive and revealing security codes. This allowed Lam and his accomplices to siphon over 4,100 bitcoin, valued at more than $245 million at the time.
Following the theft, Lam is accused of laundering and spending the stolen cryptocurrency. His alleged spending spree included purchasing a fleet of sports cars, renting mansions in Miami, and spending millions at nightclubs. Authorities reported that he spent $569,000 in a single evening at a Los Angeles club. His purchases reportedly included a $2 million watch and over 30 vehicles, such as custom Porsches, Lamborghinis, and Ferraris.
The spending spree reportedly lasted about a month before Lam was arrested in Miami. An indictment indicates that an off-duty law enforcement officer had alerted Lam that authorities were en route to arrest him.
Lam's sentencing hearing has not yet been scheduled by U.S. District Judge Colleen Kollar-Kotelly.