Singapore-born man pleads guilty to $245 million bitcoin theft

A 22-year-old man who arrived in the United States from Singapore pleaded guilty Tuesday to a federal racketeering conspiracy that involved stealing roughly $245 million worth of bitcoin from a Washington, D.C., resident. Prosecutors said he organized a group that used social-engineering tactics in August 2024, posing as representatives of Google and the Gemini exchange to obtain the victim’s Google Drive credentials and security codes, allowing the theft of more than 4,100 bitcoin.

The defendant then laundered the cryptocurrency into cash, which he spent on luxury items, including a fleet of sports cars, high-end watches and expensive club outings. Federal agents arrested him in Miami after a month-long spending spree. He faces a maximum sentence of 20 years, though a sentencing date has not yet been set.

“We always talked about what it would be like if I were to go down, but never thought it would be this crazy,” the defendant said in a recorded jail call, according to the indictment.

During a court appearance, the judge asked the defendant to identify which vehicles he personally purchased, to which he responded that he would need more time.