Hackers drain $320 million in Bitcoin from Liquid Network, emptying roughly 95% of federation wallet — attackers claim they’re the ‘good guys’ and will return funds after the vulnerability is fixed

A 22-year-old man named Malone Lam pleaded guilty to masterminding a massive Bitcoin theft from a Washington, D.C., resident earlier this year. The theft, one of the largest of its kind in U.S. history, involved siphoning off nearly $245 million worth of cryptocurrency. Lam, who had come to the U.S. from Singapore and had dropped out of eighth grade, is facing up to 20 years in prison after pleading guilty to a federal racketeering conspiracy charge.

Prosecutors allege that Lam orchestrated a network of young men who carried out a series of crypto scams starting in 2023. In August 2024, Lam and others used social engineering tactics to trick the victim into giving up access to their Google Drive and security codes, allowing them to steal over 4,100 Bitcoin. Using these stolen funds, Lam and his alleged co-conspirators engaged in a wild spending spree in just one month.

He purchased a fleet of sports cars, including Bentleys and Ferraris, and even spent $569,000 at a Los Angeles nightclub in a single evening. This spending spree continued until FBI agents arrested Lam in Miami.

During his arrest, Lam allegedly told associates from jail that he had anticipated this outcome but never imagined it would be "this crazy." The judge inquired if he remembered which vehicles he personally purchased, to which Lam responded he needed more time to remember. His spending included a $2 million watch and over 30 cars, most of which he claimed were bought by others.