Bitcoin Thief Pleaded Guilty: The $245M Social Engineering

Malone Lam, a 22-year-old Singaporean and recent Miami resident, pleaded guilty in a Washington, D.C. federal court to one count of participating in a RICO conspiracy tied to the theft and laundering of more than $245 million in Bitcoin and cryptocurrency.

He faces a maximum sentence of 20 years, according to court proceedings before U.S.

District Judge Colleen Kollar-Kotelly.The case centers on an August 2024 theft of more than 4,100 Bitcoin from a Washington-area victim, executed not through a protocol exploit but through impersonation and credential theft.

Malone Lam, 22, a citizen of Singapore and recent resident of Miami, pleaded guilty today in connection with his role as ringleader of an international cybercrime conspiracy that used social engineering to steal and launder cryptocurrency valued at more than $245 million,… pic.twitter.com/R8Nnz9a7n6— U.S.