{
  "id": 6384121,
  "title": "Singaporean at centre of US$260m crypto theft ring pleads guilty in US court",
  "url": "https://urgent.news/2026/09/09/singaporean-at-centre-of-us-260m-crypto-theft-ring-pleads-guilty-in",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-09T03:53:41.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail-malaymail",
    "url": "https://www.malaymail.com/news/singapore/2026/09/09/singaporean-at-centre-of-us260m-crypto-theft-ring-pleads-guilty-in-us-court/234507"
  },
  "original_language": "en",
  "account": "WASHINGTON, Sept 9 — A Singaporean named Malone Lam pleaded guilty in a US federal court to a racketeering conspiracy charge for masterminding a crypto theft ring that siphoned off over US$260 million from targets across the United States. During a recent court hearing, the 22-year-old admitted orchestrating a sophisticated \"social engineering\" operation to target affluent cryptocurrency owners. Along with his co-conspirators, Lam impersonated representatives of well-known firms like Google, tricking victims into revealing their login credentials, seed phrases and authentication codes that unlocked their digital wallets. Following the prosecution's presentation, Lam declared, \"I plead guilty, Your Honour.\" Prosecutors stated that Lam took on multiple roles within the scheme, marking it as the Department of Justice's first bitcoin-related case brought under the Racketeer Influenced and Corrupt Organizations (RICO) Act. He faces a potential 20-year prison sentence. Lam informed the court that he is undergoing therapy and medication to address depression, anxiety, and sleep disorders. This case involves 18 defendants, with Lam being the eleventh to accept guilt. The group's most significant theft took place in August 2024, where Lam and his associates gained access to a victim's wallet, stealing over 4,100 bitcoin, valued at approximately US$230 million at the time. Law enforcement apprehended Lam weeks later, after his conspicuous spending on luxury cars, private jets, security personnel, and high-end rentals caught attention. Court records reveal Lam procured vehicles valued at up to US$3.8 million each, and spent large sums on lavish nights out, including US$569,000 at a Los Angeles nightclub. He and his co-conspirators attempted to launder the stolen cryptocurrency by converting it into payment cards or cash. His guilty plea came after months of uncertainty regarding his willingness to accept a deal, as some co-defendants were prepared to testify against him if the case proceeded to trial. Lam is set to return to court on December 8 for a status hearing, and a sentencing date is anticipated to be determined. Both he and his co-conspirators have been ordered to reimburse over US$245 million to their victims.",
  "summary": "WASHINGTON, Sept 9 — Singaporean Malone Lam pleaded guilty in a federal court to a racketeering conspiracy charge...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Singaporean man pleads guilty in US to massive crypto heist",
        "url": "https://urgent.news/2026/09/09/singaporean-man-pleads-guilty-in-us-to-massive-crypto-heist-6388792",
        "published": "2026-09-09T04:36:00.000Z"
      },
      {
        "outlet": "KahawaTungu",
        "title": "Singaporean man pleads guilty in US to massive crypto heist",
        "url": "https://urgent.news/2026/09/09/singaporean-man-pleads-guilty-in-us-to-massive-crypto-heist-6402674",
        "published": "2026-09-09T09:32:30.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}