Malone Lam is preparing to plead guilty over his alleged role in a Bitcoin theft worth about $240 million. Prosecutors say the 22-year-old Singaporean and his associates targeted a Washington investor in August 2024 using social engineering.
The group allegedly persuaded the investor to provide account access and security codes. They then took more than 4,100 Bitcoin and transferred the cryptocurrency through several exchanges, according to prosecutors.
Lavish Spending Draws Attention
The group allegedly spent the stolen crypto on sports cars, luxury mansions and private jets. Lam reportedly spent more than $569,000 at a Los Angeles nightclub.
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Investigators also linked the case to a wider network of crypto scammers. One suspect, Jeandiel Serrano, allegedly exposed his IP address while moving nearly $30 million in stolen funds.
Arrests End Spending Spree
Authorities later recovered $37 million in stolen crypto from an apartment. Eighteen defendants face charges, while Lam could become the 11th person to plead guilty.
Prosecutors have highlighted the growing threat of crypto-focused social engineering. Cybersecurity researcher Allison Nixon also warned that stronger law enforcement resources could help prevent similar crimes from spreading.
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Source: https://coinedition.com/bitcoin-theft-suspect-malone-lam-set-to-plead-guilty-in/
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