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22-year-old pleads guilty in $240 million bitcoin heist, one of the largest in US history
CNN • • business
Key Points:
- Malone Lam, a 22-year-old man, pleaded guilty to orchestrating a theft of over $245 million in bitcoin from a Washington, DC resident, marking one of the largest cryptocurrency thefts in US history.
- Lam, an eighth-grade dropout from Singapore, faces up to 20 years in prison after admitting to federal racketeering conspiracy charges related to the crime.
- He led a group of young men who used social engineering tactics to gain access to the victim’s accounts, enabling them to steal more than 4,100 bitcoin in August 2024.
- Following the theft, Lam laundered the stolen cryptocurrency into cash and spent lavishly on luxury cars, mansions, and nightlife, including a $569,000 nightclub bill in one night.
- Lam was arrested after about a month-long spending spree, with the FBI noting his extensive purchases of over 30 high-end vehicles and a $2 million watch, highlighting the scale of the criminal operation.
