AI Generated Image
Man pleads guilty to orchestrating $240 million bitcoin theft from DC resident
abcnews.com • • business
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 organized a network of young men who used social engineering tactics, including posing as Google and Gemini representatives, to gain access to the victim's accounts and siphon off more than 4,100 bitcoin.
- After the theft, Lam laundered the stolen crypto into cash, funding an extravagant lifestyle with purchases including a $2 million watch, over 30 luxury cars, mansions in Miami, and millions spent at nightclubs.
- The spending spree lasted about a month before Lam was arrested in Miami, with law enforcement tipped off by an off-duty officer; he is one of 18 defendants in the case and the 11th to plead guilty.
- Lam faces up to 20 years in prison, with sentencing yet to be scheduled, and his conviction represents a significant milestone in the Justice Department’s investigation into large-scale crypto crimes.
