A Singaporean man, Malone Lam, has pleaded guilty in the US to a racketeering conspiracy charge related to one of the largest cryptocurrency thefts recorded. The 22-year-old admitted on Tuesday to conspiring with others to steal $245 million (£181 million) in Bitcoin and subsequently laundering the money.
According to the US Department of Justice (DOJ), Lam and his associates used the stolen funds to finance a lavish lifestyle, including spending up to $500,000 per visit to nightclubs and acquiring a fleet of exotic cars valued between $100,000 and $3.8 million.
The conspiracy, which began no later than October 2023 and continued until at least May 2025, involved tricking victims into revealing confidential information and conducting home break-ins to access cryptocurrency wallets. The DOJ stated that Lam, also known by aliases such as Anne Hathaway, $$, and King Greavy, was the ringleader of the international network.
Lam faces a maximum prison sentence of 20 years. US District Judge Colleen Kollar-Kotelly has not yet scheduled a sentencing hearing.