22-year-old Singaporean Malone Lam has pleaded guilty in a U.S. court to organizing and leading a crypto crime ring responsible for stealing over $260 million worth of cryptocurrency from multiple victims. The case, believed to be the first bitcoin-related RICO Act case, involved social engineering attacks where the group impersonated employees of trusted companies to steal sensitive information and gain access to victims' cryptocurrency wallets.
Lam, who moved to the U.S. in October 2023 on an expired tourist visa, spent lavishly on luxury items and vehicles, leading authorities to his activities. He has reportedly been receiving therapy for depression and anxiety.
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