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‘Ferris Bueller Gone Bad’: 22-Year-Old Pleads Guilty in Giant Bitcoin Heist
The New York Times • • business
Key Points:
- Malone Lam, a 22-year-old Singaporean, pleaded guilty to racketeering and conspiracy charges related to a massive cryptocurrency theft operation that stole over $245 million in Bitcoin from fall 2023 to spring 2025.
- Lam led an international criminal network that used social engineering tactics on online gaming platforms to defraud cryptocurrency holders, including convincing one investor to part with more than $240 million.
- Following the heist, Lam and his associates engaged in extravagant spending, purchasing luxury cars, jewelry, firearms, and renting mansions, before being arrested by federal prosecutors in September 2024.
- U.S. Attorney Jeanine Pirro described Lam's operation as one that preyed on victims through deception, invaded privacy, and caused significant financial harm in one of the largest Bitcoin thefts in U.S. history.
