Singaporean Malone Lam pleads guilty in US court over role in US$260m cryptocurrency theft ring

WASHINGTON: Singaporean Malone Lam pleaded guilty in a US court on Tuesday (Sep 8) to a racketeering conspiracy charge over his role in a cryptocurrency theft ring that stole more than US$260 million from multiple victims.

The 22-year-old admitted orchestrating and leading the crime ring, which targeted people with large cryptocurrency holdings through "social engineering" attacks.

The case is believed to be the first bitcoin-related case the Department of Justice has built under the Racketeer Influenced and Corrupt Organizations (RICO) Act. It includes conspiracy charges involving wire fraud and money laundering.

Lam faces a maximum prison term of 20 years.

Much of Tuesday's nearly two-and-a-half-hour hearing in Washington, DC, focused on details of the crimes.

Prosecutor Christopher Howland said Lam "played multiple roles" in the crime ring.

Wearing a light olive prison jumpsuit and white T-shirt, Lam spoke several times during the hearing, largely to confirm that he understood and agreed with the prosecution's account.

He detailed how he was seeing a therapist regularly and taking medication for depression, anxiety and to help with his sleeping.

When the judge asked how Lam pleaded, he let out a long sigh before replying: "I plead guilty, Your Honour."