Singapore man Malone Lam pleads guilty after massive US bitcoin heist and spending spree

Malone Lam, a 22-year-old man from Singapore, pleaded guilty on Tuesday to his role in a massive bitcoin heist that prosecutors claim was one of the largest cryptocurrency thefts in US history. The alleged theft involved nearly US$245 million in bitcoin, which was laundered and used for a lavish spending spree by Lam and his co-conspirators.

The 18 defendants, including Lam, are accused of carrying out a series of cryptocurrency scams starting in 2023. Lam, who did not finish eighth grade, is one of the 11 defendants to have pleaded guilty so far, but his conviction is considered a significant victory for the Justice Department's investigation. Prosecutors allege that Lam and his alleged co-conspirators used "social engineering" techniques to deceive the victim out of the stolen bitcoin.

The scheme involved posing as representatives of Google and the Gemini cryptocurrency exchange to gain access to the victim's Google Drive and security codes. After the heist, Lam and his associates used the laundered funds to indulge in a spending spree that lasted a month. This included purchasing a fleet of sports cars, renting mansions in Miami, and spending over US$569,000 in a single evening at a Los Angeles nightclub.

The spending spree came to an end when Lam was arrested in Miami by FBI agents who had been tipped off by an off-duty law enforcement officer about his impending arrest. In his recorded conversation with associates from jail, Lam expressed disbelief at the magnitude of his actions and the subsequent arrest, reflecting on what it would have been like if he had been apprehended earlier.