Bitcoin Theft Suspect Malone Lam Set to Plead Guilty in $240M Case
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Malone Lam is preparing to plead guilty over his alleged role in a Bitcoin theft worth about $240 million. Prosecutors say the 22-year-old Singaporean and his associates targeted a Washington investor in August 2024 using social engineering.
The group allegedly persuaded the investor to provide account access and security codes. They then took more than 4,100 Bitcoin and transferred the cryptocurrency through several exchanges, according to prosecutors.
Lavish Spending Draws Attention
The group allegedly spent the stolen crypto on sports cars, luxury mansions and private jets. Lam reportedly spent more than $569,000 at a Los Angeles nightclub.
Related: $320M Bitcoin Heist Puts Liquid Network Security Under Scrutiny
Investigators also linked the case to a wider network of crypto scammers. One suspect, Jeandiel Serrano, allegedly exposed his IP address while moving …
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