By Adegboyega Adeleye
A 22-year-old Singaporean, Malone Lam, has pleaded guilty in the United States to his role in a cryptocurrency heist that saw him and his associates steal about $245 million in bitcoin.
Lam, who was accused of organising an international group of associates, admitted to a racketeering conspiracy charge after the group used deception and stolen personal information to gain access to victims’ cryptocurrency wallets.
According to the BBC, the US Department of Justice said Lam and his associates spent the proceeds lavishly, including up to $500,000 in a single night at nightclubs.
The group also bought more than 30 luxury vehicles, with individual cars valued between $100,000 and $3.8 million, while stolen funds were used to purchase high-end watches, designer clothing, private jet rentals, luxury homes and Hermes Birkin handbags.
The DOJ said the handbags, valued in the tens of thousands of dollars, were at times thrown into crowds during nightclub parties.
Lam, who also used the aliases “Anne Hathaway”, “$$$” and “King Greavy”, was described by US authorities as the ringleader who identified victims and coordinated the roles of other members of the criminal enterprise.
The conspirators, who came from several US states and outside the country, met through online gaming platforms, according to court documents.
They allegedly tricked victims into handing over confidential information and sometimes carried out home break-ins to obtain details that enabled them to drain cryptocurrency wallets.
Lam told US investigators that he dropped out of secondary school in Singapore at 14. He travelled to the US in October 2023 and remained there after his visa expired in January 2024.
The conspiracy began no later than October 2023 and continued until at least May 2025, according to court documents.
Lam and a co-conspirator were arrested in September 2024, bringing the operation to an end.
US Magistrate Judge Alicia Valle previously compared Lam’s lifestyle to “Ferris Bueller gone bad” during his first court appearance, citing his extravagant spending after gaining access to more than $230 million.
The US Department of Justice said Lam faces a maximum sentence of 20 years in prison. No sentencing date had been scheduled as of Tuesday.
Another member of the conspiracy, Evan Tangeman, was sentenced to 70 months in prison in April for laundering proceeds from the scheme.
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