Singaporean in US who masterminded S$309million bitcoin theft pleads guilty

Malone Lam, a Singaporean individual, pleaded guilty in the United States to masterminding the theft of US$240 million (S$309 million) in bitcoin. The 22-year-old now faces up to 20 years in prison for what is being described as one of the largest cryptocurrency heists in US history. According to the Associated Press, Lam is the 11th of 18 defendants to enter a guilty plea, and his conviction is a significant development for the ongoing investigation by the US Justice Department.

Born on July 19, 2004, Lam attended Unity Secondary School in Choa Chu Kang in 2017 before dropping out at age 13. He then focused on online gaming communities and cryptocurrency trading before moving to the United States by himself in October 2023. After arriving in the US, Lam quickly became involved in a series of crypto scams alongside a group of friends, which eventually grew to more than 14 members.

By August 2024, the group had begun using social engineering tactics to steal over 4,100 bitcoin from a victim in Washington, with Lam playing a central role in bypassing security measures. Over the course of more than a year and a half, the group targeted various websites and servers, stealing databases to identify victims with significant cryptocurrency holdings.

They then proceeded to steal these assets using social engineering tactics, with the stolen funds eventually laundered through various methods, including wire transfers and cash shipments. After Lam and his associate were arrested in September 2024, the remaining members of the group spent large sums of money on luxury items and vehicles, before the FBI tracked them down.

During this time, Lam continued to collaborate with the group, even helping some of them purchase and deliver Birkin bags to his girlfriend in Miami.