Singapore-born man pleads guilty to $245 million Bitcoin theft scheme

A 22-year-old man from Singapore pleaded guilty Tuesday to a federal racketeering conspiracy charge for orchestrating a scheme that stole roughly $245 million in Bitcoin from a Washington, D.C., resident. Prosecutors said he led a network of young men that used social-engineering tactics in 2023, including impersonating representatives of Google and the Gemini crypto exchange, to obtain the victim’s Google Drive credentials and security codes, allowing the theft of more than 4,100 Bitcoin.

After the theft, the defendant laundered the cryptocurrency into cash, which he spent on luxury items such as a fleet of sports cars, high-end watches and expensive night-club bills, including a $569,000 charge at a Los Angeles venue. The spending spree lasted about a month before FBI agents arrested him in Miami following a tip from an off-duty officer.

U.S. District Judge Colleen Kollar-Kotelly has not yet set a sentencing date. The defendant faces a maximum sentence of 20 years. During a recorded jail call, he told associates, “We always talked about what it would be like if I were to go down, but never thought it would be this crazy.” When questioned by the judge about specific vehicle purchases, he responded that he would need time to recall the details.