Man pleads guilty in one of the largest cryptocurrency thefts in US history

Key Points:

• Malone Lam, a 22-year-old involved in one of the largest cryptocurrency thefts in U.S. history, pleaded guilty to federal racketeering conspiracy charges for stealing over $245 million in bitcoin from a Washington, D.C. resident.
• Lam, an eighth-grade dropout from Singapore, was part of a network that used social engineering tactics in 2023 to gain access to the victim's accounts, enabling them to steal more than 4,100 bitcoin.
• After the theft, Lam laundered the stolen cryptocurrency into cash and went on an extravagant spending spree, purchasing luxury cars, mansions, and spending millions at nightclubs, including nearly $570,000 in one night.
• The FBI arrested Lam in Miami after about a month of spending, with an off-duty law enforcement officer tipping him off before the arrest; he is one of 18 defendants in the case and the 11th to plead guilty.
• Lam faces up to 20 years in prison, and his sentencing has not yet been scheduled; during court, he acknowledged buying many luxury vehicles but could not recall all the details immediately.