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Alleged cryptoscam ringleader set for plea hearing in $240M bitcoin theft
New York Post • • business
Key Points:
- Malone Lam, a 22-year-old Singaporean accused of leading a scheme to steal over $240 million in Bitcoin, is expected to plead guilty in one of the largest cryptocurrency thefts in U.S. history.
- The theft involved a sophisticated social engineering attack in August 2024, where scammers posing as Google and Gemini representatives tricked a wealthy investor into giving access to his digital holdings.
- Lam and his co-conspirators allegedly laundered the stolen cryptocurrency through multiple exchanges and spent lavishly on luxury cars, private jets, mansions, and extravagant nightlife.
- Authorities arrested Lam and other suspects in September 2024, with 18 defendants charged and ten having already pleaded guilty; Lam faces a potential prison sentence of at least 14 years.
- The extravagant spending spree, including millions spent in nightclubs and on luxury goods, drew attention and helped investigators track down the suspects.
