The individual responsible for one of the largest bitcoin heists in historical records entered a guilty plea this week.
Malone Lam, a 22-year-old Singapore native living in Miami, confessed on Tuesday to his position as the mastermind of an international criminal syndicate that pilfered 4,100 bitcoins—valued at upwards of $230 million during that period—to finance an extravagant lifestyle.
The United States Department of Justice stated that beginning in October 2023 and continuing through at least May 2025, Lam along with associates breached databases to acquire cryptocurrency holders’ data and trick them into handing over account credentials and private keys. Cryptocurrencies including bitcoin totaling $245 million were plundered in the scheme.
In a specific instance, an accomplice forced entry into a home in New Mexico and made off with a hardware wallet while Lam tracked the target’s location by compromising their iCloud profile.
“This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency,” U.S. Attorney Jeanine Ferris Pirro noted in an official remark.
“If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable,” Attorney Pirro continued.
The DOJ mentioned: “The Racketeer Influenced and Corrupt Organizations Act conspiracy used social engineering and occasional home break-ins to obtain information that allowed the conspirators to drain their victims’ cryptocurrency wallets.”
The illegal activities began after a collection of internet gamers connected and subsequently joined forces to execute the cyberattacks, according to the charging document.
Lam and his co-conspirators washed the stolen bitcoin and utilized it to pay for high-end club events, chartered private aircraft, personal security personnel, expensive watches and purses, alongside real estate holdings in Los Angeles, the Hamptons, and Miami.
The accused individuals would burn as much as $500,000 per evening on festivities and present luxury purses valued at tens of thousands of dollars as gifts, Tuesday’s disclosure detailed.
Lam was apprehended in 2024 at his leased residence in Miami.
Originally published at https://bitcoinmagazine.com/news/ringleader-in-bitcoin-theft-guilty.
