A 22-year-old Singaporean man has pleaded guilty in a US court to participating in what prosecutors describe as one of the largest cryptocurrency thefts on record, admitting his role in the theft of Bitcoin worth $245 million and the laundering of the proceeds.
Malone Lam admitted conspiring with others to steal cryptocurrency from victims and to conceal the origin of the illicit funds. He faces a prison sentence of up to 20 years, although a sentencing date has not yet been set.
International crypto fraud network
According to the US Department of Justice, Lam was the leader of an international group that targeted cryptocurrency holders by obtaining access to personal information and draining victims' digital wallets.
Court documents indicate the operation began no later than October 2023 and continued until at least May 2025.
Members of the group reportedly met through online gaming platforms and were based in several US states, including California, Connecticut, New York and Florida, as well as outside the United States.
Victims targeted through deception
Prosecutors allege the group tricked cryptocurrency owners into revealing sensitive information that allowed them to gain control of digital wallets.
In some cases, members of the network allegedly carried out residential burglaries to obtain information that could be used to access cryptocurrency holdings.
Investigators said Lam, who allegedly used the online aliases "Anne Hathaway", "$$" and "King Greavy", selected targets and assigned roles within the organisation.
Luxury lifestyle funded by stolen crypto
Authorities say the stolen cryptocurrency financed an extravagant lifestyle.
The group allegedly spent as much as $500,000 in a single night at nightclubs and used illicit proceeds to acquire a fleet of luxury vehicles valued between $100,000 and $3.8 million.
The purchases reportedly included watches worth up to $500,000, designer clothing, and Hermès Birkin bags worth tens of thousands of dollars each.
The group also rented luxury properties in Los Angeles, the Hamptons and Miami.
Birkin bags thrown into nightclub crowds
Among the more unusual allegations cited by the Department of Justice was that Hermès Birkin bags were thrown into crowds during nightclub parties.
Authorities said additional funds were spent on private jet travel and maintaining a personal security team.
Prosecutors vow crackdown
US Attorney Jeanine Pirro said law enforcement would continue pursuing large-scale cybercriminal operations.
"If you build a cybercrime empire, we will find you, dismantle your operation and bring you to justice," she said.
Pirro described Lam as the leader of an international network that deceived victims, violated their privacy and stole hundreds of millions of dollars in cryptocurrency.
Source: BBC
