Singaporean man admits to $240 million bitcoin theft

Malone Lam pleaded guilty on Tuesday to orchestrating a theft of over 4,100 bitcoin. The value of the stolen coins exceeded $240 million. This marks one of the largest cryptocurrency thefts in United States history.

The 22-year-old faces a maximum sentence of 20 years. He was charged with federal racketeering conspiracy. The judge has not yet scheduled the sentencing hearing.

Social engineering targets wealthy investor

Lam coordinated a group of 17 others to execute the fraud. The scheme relied on social engineering tactics rather than direct hacking. A victim in Washington received calls from false identities on August 18, 2024.

Callers posed as representatives from Google and Gemini. They claimed the victim’s accounts were under attack. The victim provided security codes and access to his digital wallet.

Spending spree precedes Miami arrest

Lam and his associates spent the proceeds over one month. Purchases included a $2 million watch. They also bought more than 30 luxury vehicles, including custom Porsches and Lamborghinis.

FBI agents arrested Lam in Miami. An off-duty law enforcement officer reportedly tipped him off. Lam admitted to buying most of the vehicles but could not recall which ones he personally purchased.

Rising fraud amid regulatory shift

Complaints of cryptocurrency investment fraud to the FBI rose by nearly 50% in 2025. The current administration has adopted a hands-off approach to the industry. The Justice Department previously disbanded a unit dedicated to prosecuting these crimes.

According to GN markets/crypto (en-US), this case highlights the growing risk in the sector. Regulatory pressure has eased while criminal activity has increased. The legal landscape remains in flux.