Singaporean man pleads guilty in US to massive crypto heist
A Singaporean man pleaded guilty on Tuesday to a racketeering conspiracy charge in the US for organising one of the biggest ever cryptocurrency thefts.
A Singaporean man, Malone Lam, pleaded guilty to a racketeering conspiracy charge in the US for orchestrating one of the largest cryptocurrency thefts in history, according to the US Department of Justice (DOJ). The 22-year-old admitted to collaborating with friends to steal $245m (£181m) of bitcoin and launder the proceeds. The DOJ stated that Lam and his associates spent up to $500,000 on nightclub visits, luxury cars, Hermes Birkin handbags, high-end watches, rental properties, and private jet rentals.
US District Judge Colleen Kollar-Kotelly has not yet set a sentencing hearing for Lam, who faces a maximum prison sentence of 20 years. US Attorney Jeanine Pirro emphasized that those who build cybercrime empires will be found, dismantled, and held accountable.
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