Singaporean ringleader Malone Lam pleads guilty in $245M bitcoin heist

Malone Lam has pleaded guilty to one of the largest cryptocurrency thefts in United States history. The 22-year-old Singaporean admitted to a federal racketeering conspiracy charge on Tuesday. Prosecutors say Lam orchestrated the theft of $245 million in bitcoin from a Washington resident.

The spending spree that followed sounds almost cinematic. Malone Lam and his associates reportedly dropped up to $500,000 per nightclub visit. They purchased exotic cars worth anywhere from $100,000 to $3.8 million.

US Attorney Jeanine Pirro confirmed authorities will dismantle any cybercrime empire, no matter how elaborate. Lam now faces a maximum sentence of twenty years in prison.

A judge has not yet scheduled his sentencing hearing.