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      Malone Lam to Face Court Over Alleged $230 Million Bitcoin Theft

      Malone Lam, a 22-year-old from Singapore, is set to appear in a federal court in Washington, D.C. on Tuesday for a plea agreement hearing related to a significant Bitcoin theft. Lam is accused of leading a criminal operation that stole over 4,100 Bitcoin, valued at more than $230 million at the time of the theft, from a single victim on or around August 18, 2024.

      The alleged theft involved Lam and his co-defendants posing as representatives from Google and the cryptocurrency exchange Gemini, using social engineering tactics to gain remote access to the victim's accounts. The criminal enterprise reportedly operated from October 2023 to March 2025, accumulating total thefts exceeding $263 million across various incidents, including home burglaries.

      Lam was arrested by the FBI on September 18, 2024, shortly after the theft. He is among 18 defendants charged under the Racketeer Influenced and Corrupt Organizations Act, marking the first application of RICO to a Bitcoin-related case. If convicted, Lam faces potential sentences of up to 20 years for each count. As of mid-2026, nine of his co-defendants have pleaded guilty, with sentences ranging from 70 to 78 months. Law enforcement has recovered approximately $70 million linked to the scheme, but around $193 million remains unaccounted for.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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