Man pleads guilty in $245 million bitcoin theft

WASHINGTON (WOWO) — A 22-year-old man has pleaded guilty to helping steal more than $245 million worth of bitcoin from a Washington, D.C., resident in one of the largest cryptocurrency thefts in U.S. history.

According to 21Alive, Malone Lam pleaded guilty Tuesday to a federal racketeering conspiracy charge. He faces up to 20 years in federal prison.

Prosecutors say Lam was an organizer for a group of young men who carried out a series of cryptocurrency scams beginning in 2023. He is one of 18 people charged in the case and the 11th to plead guilty.

In August 2024, Lam and others allegedly used social engineering tactics to trick the victim into giving them access to his Google Drive and security codes. Two of Lam’s alleged co-conspirators posed as representatives of Google and the cryptocurrency exchange Gemini.

Prosecutors say Lam then stole more than 4,100 bitcoin, which was worth more than $245 million at the time.

Authorities say Lam helped convert the stolen cryptocurrency into cash and spent the money on luxury cars, rented mansions and expensive nights out.

According to the FBI, his purchases included more than 30 cars, including custom Porsches, Lamborghinis and Ferraris, as well as a $2 million watch.

Authorities also say Lam spent $569,000 at a Los Angeles nightclub in a single night.

The spending spree lasted about a month before FBI agents arrested Lam in Miami.

A sentencing date has not yet been scheduled.