Party’s over for crypto scammers who went on a spending spree after a $240 million bitcoin theft
Lam is set to become the 11th defendant to plead guilty as prosecutors say the network laundered stolen bitcoin and spent millions on luxury goods.
- On Tuesday, alleged ringleader Malone Lam, a 22-year-old eighth-grade dropout from Singapore, faces a plea agreement hearing in connection with orchestrating a $240 million cryptocurrency theft, one of the largest in U.S. history.
- Callers impersonating Google and Gemini representatives manipulated a Washington resident on August 18, 2024, into revealing security codes for his Google Drive, allowing Lam to siphon over 4,100 bitcoin. The network, formed through online gaming forums, had executed similar multimillion-dollar thefts since late 2023.
- Lam spent over $569,000 in one evening at a Los Angeles nightclub and purchased a $2 million watch and over 30 luxury vehicles using stolen cryptocurrency. U.S. Magistrate Alicia Valle expressed astonishment, remarking "I could only think of Ferris Bueller gone bad."
- FBI agents arrested co-conspirators Jeandiel Serrano at Los Angeles International Airport on September 18, 2024, and Veer Chetal in Brunswick, New Jersey, recovering roughly $20 million and $37 million in stolen crypto respectively. U.S. District Judge Colleen Kollar-Kotelly has sentenced three associates to approximately six years each.
- The charges against Lam and 17 others exemplify an increasingly common form of cybercrime, as complaints of cryptocurrency fraud to the FBI rose nearly 50% in 2025 while the Justice Department disbanded its dedicated crypto prosecution unit. Cybersecurity researcher Allison Nixon advocates for more law enforcement resources to counter The Com subculture.
30 Articles
30 Articles
Malone Lam set to plead guilty in $240 million Bitcoin theft case
Malone Lam, the alleged ringleader of a group accused of stealing more than $240 million in Bitcoin from a Washington, D.C., investor, has been set for a plea agreement hearing after 10 other defendants admitted guilt in the sprawling crypto…
Associated Press News
Party's over for crypto scammers who went on a spending spree after a $240 million bitcoin theft
A 22-year-old man from Singapore is expected to plead guilty this week in Washington to orchestrating one of the largest cryptocurrency thefts in U.S. history, duping a stranger out of bitcoin worth over $240 million.
Alleged Crypto Scam Ringleader Faces Plea in $240M Bitcoin Theft
NewsFinale NewsFinale Journal A 22-year-old man from Singapore, accused of playing a role in the theft of more than $240 million in Bitcoin from one victim, is expected to admit guilt this week in what prosecutors describe as one of the biggest cryptocurrency heists in U.S. history. Authorities say the stolen funds were later poured into an extravagant […]
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