Malone Lam, 22, pleads guilty to stealing $245 million in crypto through a Google impersonation scheme

Malone Lam, a 22-year-old Singaporean living in Miami, pleaded guilty on September 8 to his involvement in a $245 million cryptocurrency theft, according to the Associated Press. The theft, one of the largest in U.S. history, allegedly occurred in August 2024. Prosecutors claim the group, consisting of people from California, Connecticut, New York, Florida, and abroad, used social engineering to deceive a Washington D.C. resident into granting access to his Google Drive and security codes.

Once obtained, the scam group stole over 4,100 bitcoin, valued at $245 million. Lam also allegedly used the stolen funds to purchase luxury vehicles, including Porsches, Lamborghinis, and Ferraris, spend millions at nightclubs, and buy expensive items like a $2 million watch. He faces a potential 20-year prison sentence for his role in the conspiracy.