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Man Pleads Guilty in Massive $245 Million Bitcoin Theft and Lavish Spending Spree
WASHINGTON – A 22-year-old man has admitted to conspiring with friends to steal nearly $250 million in bitcoin from a Washington, D.C., resident, marking one of the largest cryptocurrency heists in U.S. history. Following the theft, he embarked on an extravagant spending spree with the illicit funds.
Malone Lam, who dropped out of school in eighth grade and emigrated from Singapore, pleaded guilty Tuesday to federal racketeering conspiracy charges. He faces up to 20 years in prison, though his sentencing date has yet to be set by U.S. District Judge Colleen Kollar-Kotelly.
According to prosecutors, Lam was a key organizer in a group of young men conducting a series of crypto scams beginning in 2023. He is the 11th defendant out of 18 charged to plead guilty, marking a significant development in the Justice Department’s ongoing investigation.
In August 2024, Lam and co-conspirators used sophisticated social engineering tactics to deceive a Washington resident into surrendering access to his digital accounts, including Google Drive. Two alleged accomplices impersonated representatives from Google and the Gemini cryptocurrency exchange to trick the victim into sharing security codes. This allowed Lam to transfer more than 4,100 bitcoin-worth over $245 million-out of the victim’s holdings.
Lam then laundered the stolen cryptocurrency into cash, which he used to finance an opulent lifestyle. His purchases included a fleet of luxury sports cars, renting mansions in Miami, and spending millions at nightclubs-one evening alone saw him drop $569,000 at a Los Angeles club.
The spree lasted roughly a month before the FBI apprehended Lam in Miami. Notably, an off-duty law enforcement officer reportedly warned Lam of the impending arrest, according to the indictment.
During a recorded jail call cited in court documents, Lam reflected on the situation, saying, “We always talked about what it would be like if I were to go down, but never thought it would be this crazy.”
Among his extravagant acquisitions were a $2 million watch and more than 30 vehicles, including customized Porsches, Lamborghinis, and Ferraris. When questioned by the judge about which cars he personally purchased, Lam requested additional time to recall the details.
This case highlights both the growing sophistication of cryptocurrency-related crimes and the Justice Department’s commitment to pursuing those responsible.