22-Year-Old Singaporean Malone Lam Admits to $260 Million Crypto Theft Plan

Crime Network and Methods After moving to the United States in October 2023, Malone Lam established an international criminal network through online gaming forums.
On 18 August 2024, during an operation in Washington, D.C., he convinced a victim to provide identity‑verification codes and access to Google Drive by posing as Google support staff and Gemini exchange personnel.
This deception led to the theft of more than 4,100 Bitcoin, worth approximately $230–$245 million at the time.
Luxury Spending Spree Lam and his co‑conspirators spent the stolen funds on a month‑long luxury spree.
They rented villas in Miami, Los Angeles, and the Hamptons, chartered private jets, hired personal security, and purchased a fleet of over 30 supercars, including Ferraris, Lamborghinis, and Porsches.
Court Decision Lam is one of 11 defendants who pleaded guilty to 18 counts of fraud.
He faces a maximum sentence of 20 years in prison.
The court ordered Lam and his co‑conspirators to repay more than $245 million to the victims.
The case will be closely monitored as the legal proceedings continue.