22-Year-Old Pleads Guilty in One of the Largest Bitcoin Heists in US History

Malone Lam, a 22-year-old Singaporean citizen accused of helping organize a cryptocurrency theft ring, has pleaded guilty to a federal racketeering conspiracy charge tied to the theft of more than 4,100 bitcoin from a Washington, D.C., resident. Federal prosecutors say the case centers on one of the largest bitcoin heist operations in US history, with the stolen cryptocurrency valued at roughly $240 million to $245 million in later accounts.

Lam entered his plea Sept. 8 in federal court in Washington before U.S. District Judge Colleen Kollar-Kotelly. He faces up to 20 years in prison, though no sentencing date has been set. A status hearing is scheduled for Dec. 8.

Prosecutors say Lam helped identify wealthy cryptocurrency holders and coordinate members of a group that used stolen data, impersonation, and social engineering to gain access to digital assets. The enterprise operated from at least October 2023 through May 2025, according to the Justice Department.

How the bitcoin heist became one of the largest in US history

The biggest known theft came on Aug. 18, 2024. Prosecutors say conspirators posed as representatives of Google and the cryptocurrency exchange Gemini while convincing the victim that his accounts were at risk. The victim was persuaded to move cryptocurrency and install remote-access software.