A 22-year-old Singaporean man has admitted leading a criminal network that stole $245 million in bitcoin and spent the proceeds on a lavish lifestyle.
Malone Lam has pleaded guilty in the United States to racketeering conspiracy over one of the largest cryptocurrency thefts on record. He admitted to working with a group of associates to steal about $245 million in bitcoin and launder the proceeds.
According to the US Department of Justice, the group used the stolen money to fund an extravagant lifestyle. They reportedly spent as much as $500,000 during individual nightclub visits. The conspirators also acquired more than 30 exotic vehicles, with individual cars valued between $100,000 and $3.8 million.
The DOJ said Lam, who used aliases including Anne Hathaway, $$$ and King Greavy, acted as the ringleader. The group met through online gaming platforms and included people from several US states and other countries. Prosecutors said the conspirators deceived victims into surrendering confidential information. They also carried out occasional home break-ins to obtain information that allowed them to access and drain cryptocurrency wallets.
The stolen funds were spent on luxury goods, properties and entertainment. These included Hermès Birkin handbags worth tens of thousands of dollars, some of which were reportedly thrown into nightclub crowds during parties. The group also bought high-end watches worth up to $500,000 and expensive clothing. They rented homes in Los Angeles, the Hamptons and Miami, while also using private jets and private security.
US authorities released images showing Lam partying in a Miami nightclub in September 2024 while holding large amounts of cash. Other photographs showed supercars and branded items seized from his Miami rental property.
The FBI arrested Lam and another conspirator in September 2024, bringing the operation down. Lam faces a maximum sentence of 20 years in prison. However, US District Judge Colleen Kollar-Kotelly has not yet scheduled his sentencing hearing.
US Attorney Jeanine Pirro said authorities would continue pursuing cybercriminals who build large-scale operations.
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