Singaporean Crypto Scammer to Plead Guilty in $240M Bitcoin Heist
Malone Lam, a Singaporean eighth-grade dropout accused of leading a group that stole over $240 million in Bitcoin from a single victim, is scheduled to plead guilty in federal court this week. The alleged scheme, which used social engineering to trick the victim into handing over access codes in August 2024, resulted in the theft of more than 4,100 Bitcoin. Prosecutors allege Lam and his co-conspirators spent the proceeds on luxury cars, private jets, and high-end nightlife, with Lam alone spending over $569,000 in a single night at Los Angeles clubs. While ten of the eighteen charged defendants have already pleaded guilty, Lam faces potential prison time of at least 14 years if convicted.
