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Party’s over for crypto scammers who went on a spending spree after a $240 million bitcoin theft
Prosecutors say 10 other defendants have admitted guilt as the alleged ringleader faces a plea agreement hearing in a case tied to more than 4,100 stolen bitcoin.
- 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.
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Alleged cryptoscam ringleader set for plea hearing in $240M bitcoin theft – Democratic Accent
A 22-year-old Singapore man accused of helping steal more than $240 million in Bitcoin from... The post Alleged cryptoscam ringleader set for plea hearing in $240M bitcoin theft appeared first on Democratic Accent .
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…
Party's over for scammers who went on spending spree after $240M bitcoin theft
A laptop keyboard and representation of Bitcoin are seen in this illustration photo taken in Krakow, Poland on August 27, 2026. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
·Washington, United States
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Total News Sources37
Leaning Left12Leaning Right7Center12Last UpdatedBias Distribution39% Left, 39% Center
Bias Distribution
- 39% of the sources lean Left, 39% of the sources are Center
39% Center
L 39%
C 39%
R 22%
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