Singaporean Malone Lam Confesses to $245 Million Bitcoin Theft

Confession and Charges Malone Lam, 22, a Singaporean national, has confessed to a $245 million Bitcoin theft in the United States.
He claims the crime was carried out through a network he formed with friends and has presented these allegations to the court.
Method of Theft Lam says the scheme involved a network, social‑engineering tactics, and home raids to gain access to digital wallets.
Victims’ confidential information was compromised, and in some cases physical break‑ins were executed.
Use of Stolen Funds The stolen Bitcoin was quickly converted into luxury purchases, including high‑end vehicles, a private jet, and a nightclub.
Legal Proceedings U.S.
District Judge Colleen Kollar‑Kotelly has indicated Lam faces up to 20 years in prison.
A trial date has not yet been set.
Attorney Jeanine Pirro described Lam as the leader of an international criminal network and emphasized his surrender to justice.
Lam’s confession highlights the severe security vulnerabilities that can exist in the cryptocurrency ecosystem.