Business
Singaporean man pleads guilty in US to massive crypto heist
Malone Lam and his associates used the proceeds of their crimes to fund a luxurious lifestyle, US authorities said.
BBC Business•
A Singaporean man pleaded guilty on Tuesday to a racketeering conspiracy charge in the US for organising one of the biggest ever cryptocurrency thefts.
Malone Lam admitted to teaming up with friends to steal $245m (£181m) of bitcoin and laundering the proceeds.
The 22-year-old and his associates used the money to spend up to $500,000 a visit to nightclubs, according to the US Department of Justice (DOJ). It also said they bought a fleet of exotic cars, ranging in value from $100,000 to $3.8m.
According to court documents, the conspiracy began no later than October 2023 and continued to at least May 2025.