22-Year-Old Pleads Guilty to $240 Million Bitcoin Theft

• •Malone Lam orchestrated a $240 million bitcoin theft using social engineering.
• •He is one of 18 defendants charged, marking a significant breakthrough in the Justice Department's investigation.
• •Lam's extravagant spending included over 30 luxury cars and a $2 million watch.

Malone Lam, a 22-year-old man, pleaded guilty to orchestrating a $240 million bitcoin theft from a Washington, D.C. resident, marking one of the largest cryptocurrency thefts in U.S. history. Lam, an eighth-grade dropout from Singapore, was part of a network that executed multiple crypto scams starting in 2023. In August 2024, he and his co-conspirators used social engineering techniques, impersonating Google and Gemini representatives, to trick the victim into revealing security codes that allowed access to over 4,100 bitcoin. After the theft, Lam laundered the stolen cryptocurrency, spending millions on luxury items, including sports cars and a $2 million watch. His spending spree lasted a month before he was arrested by the FBI in Miami, following a tip-off from an off-duty officer. Lam faces a maximum sentence of 20 years for his crimes, with sentencing yet to be scheduled.