Singaporean Man Pleads Guilty To $245m Bitcoin Heist In US

A 22-year-old Singaporean, Malone Lam, has pleaded guilty in the United States to his role in a cryptocurrency theft that resulted in the loss of about $245 million worth of bitcoin.

Lam pleaded guilty to a racketeering conspiracy charge after prosecutors accused him of organising an international group that used deception and stolen personal information to gain access to victims’ cryptocurrency wallets.

According to the BBC, the US Department of Justice said Lam and his associates spent the stolen funds lavishly, with the group allegedly spending as much as $500,000 in a single night at nightclubs.

The group also purchased more than 30 luxury vehicles, with individual cars reportedly worth between $100,000 and $3.8 million.

Prosecutors said the stolen proceeds were also used to purchase high-end watches, designer clothing, private jet rentals, luxury homes and Hermes Birkin handbags.

Some of the handbags, which were worth tens of thousands of dollars, were reportedly thrown into crowds during nightclub parties.

US authorities described Lam, who also used the aliases “Anne Hathaway,” “$$$” and “King Greavy,” as the ringleader of the operation. He allegedly identified victims and coordinated the roles of other members of the criminal enterprise.