Singaporean man pleads guilty in US to massive crypto heist

A Singaporean man, Malone Lam, pleaded guilty on Tuesday in the US to a racketeering conspiracy charge for orchestrating one of the largest cryptocurrency thefts in history. The 22-year-old admitted to collaborating with friends to steal $245m (£181m) worth of bitcoin and laundering the profits. According to the US Department of Justice (DOJ), Lam and his associates spent up to $500,000 per night on luxury items, including exotic cars, Hermes Birkin handbags, high-end watches, luxury clothing, and rentals in various cities.

US District Judge Colleen Kollar-Kotelly did not set a sentencing hearing for Lam immediately. Lam, who dropped out of secondary school in Singapore at 14, arrived in the US in October 2023 and remained after his visa expired. The DOJ alleges that the conspiracy began no later than October 2023 and lasted until at least May 2025.

Lam, known by various aliases, recruited co-conspirators from California, Connecticut, New York, Florida, and overseas through online gaming platforms. They deceived victims into revealing personal information and broke into homes to obtain data to empty victims' cryptocurrency wallets. The stolen funds were used to purchase luxury items, high-end watches, and rental homes, as well as to finance a flamboyant nightlife lifestyle.

Lam's crime ring was dismantled in September 2024 when FBI agents arrested him and a co-conspirator.