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      Singaporean Man Pleads Guilty in Major Bitcoin Theft Case

      Malone Lam, a 22-year-old Singaporean, has pleaded guilty in connection with a scheme that resulted in the theft of over 4,100 Bitcoin, valued at more than $240 million at the time. The theft, which occurred in August 2024, involved impersonating representatives from Google and the Gemini cryptocurrency exchange to deceive a wealthy investor in Washington, D.C. Lam is scheduled to appear in a U.S. federal court on September 9, 2026, where he faces a minimum sentence of 14 years in prison.

      The criminal operation, which began around October 2023, has been linked to thefts totaling over $263 million across multiple incidents until March 2025. Lam was arrested by the FBI in September 2024 at a Miami mansion, highlighting the extravagant spending of the stolen funds, which included luxury cars and private jets. The case is notable as it marks the first Bitcoin-related prosecution under the Racketeer Influenced and Corrupt Organizations Act (RICO), typically associated with organized crime.

      Eighteen individuals have been indicted in connection with the scheme, with ten already having pleaded guilty. Investigators noted that the group also conducted home burglaries to steal hardware wallets used for storing cryptocurrency. This case underscores the importance of vigilance among cryptocurrency holders, as legitimate exchanges do not initiate unsolicited calls requesting sensitive information.

      © 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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