Singaporean man pleads guilty in $245 million US crypto heist case

Source: Broward County Sheriff's Office

A 22-year-old Singaporean man has pleaded guilty in the United States to racketeering conspiracy over his role in one of the largest cryptocurrency thefts on record.

Malone Lam admitted that he and several associates stole $245 million worth of bitcoin before laundering the proceeds, according to the US Department of Justice, BBC reported.

Prosecutors said Lam and his accomplices spent as much as $500,000 in a single night at nightclubs using the stolen funds. They also purchased a collection of luxury and exotic vehicles, with individual cars reportedly costing between $100,000 and $3.8 million.

Lam could receive a prison sentence of up to 20 years. US District Judge Colleen Kollar-Kotelly has not yet set a date for his sentencing.

US Attorney Jeanine Pirro said authorities would pursue those who establish cybercrime operations and dismantle their networks.

She accused Lam of leading an international group that allegedly deceived victims, violated their privacy and stole hundreds of millions of dollars in cryptocurrency.

Lam told investigators in the US that he had dropped out of secondary school in Singapore when he was 14. He travelled to the US in October 2023 and remained there after his visa expired in January the next year.