Massive Crypto Fraud: $240 Million in Bitcoin Stolen. A 22-year-old man, along with accomplices, has admitted to stealing approximately $250 million worth of Bitcoin from a Washington D.C. resident. This ranks among the largest cryptocurrency thefts in U.S. history. He laundered the illicit funds and spent the money lavishly.
Convicted 22-Year-Old Dropped Out of School in 8th Grade
Malone Lam, who dropped out of school in the 8th grade, had moved to the U.S. from Singapore. U.S. District Judge Colleen Kollar-Kotelly has not yet set a sentencing date for Lam. Speculation suggests he could face up to 20 years in prison following his admission of guilt. According to prosecutors, he was the organizer of a network of young men that initiated a crypto scam in 2023. He is the 11th of the 18 individuals involved to plead guilty; however, his conviction marks a significant achievement for the Department of Justice’s investigation.
In 2024, Lam and others stole Bitcoin worth over $245 million from a Washington resident using “social engineering” tactics. To carry out the fraud, two of Lam’s associates posed as representatives from Google and the Gemini crypto exchange. They obtained Google Drive access and security codes from the victim, enabling Lam to steal 4,100 Bitcoin. He converted the stolen cryptocurrency into cash and used it to buy multiple sports cars, rent a mansion in Miami, and spend vast sums of money in nightclubs. Investigators stated that he spent $569,000 in a single evening at a Los Angeles club. He lived a lavish lifestyle on these funds for a month before the FBI arrested him in Miami.
