22-Year-Old Pleads Guilty to $245 Million Bitcoin Theft

A 22-year-old man pleaded guilty Tuesday to a federal racketeering conspiracy after prosecutors said he helped steal over $245 million in bitcoin from a Washington, D.C., resident. The scheme, described as one of the largest cryptocurrency thefts in U.S. history, involved using social-engineering tactics to obtain the victim’s Google Drive credentials and security codes, allowing the conspirators to transfer more than 4,100 bitcoin.

The defendant, identified as Malone Lam, an eighth-grade dropout who arrived from Singapore, is one of 18 people charged in the case and the 11th to enter a guilty plea. He faces a maximum sentence of 20 years, though a sentencing date has not yet been set by U.S. District Judge Colleen Kollar-Kotelly.

According to the indictment, Lam participated in laundering the stolen cryptocurrency into cash, which was then spent on luxury items, including a fleet of high-end sports cars, a $2 million watch, and extensive nightclub expenses. The spending reportedly continued for about a month before FBI agents arrested Lam in Miami following a tip from an off-duty law-enforcement officer.

During a recorded jail call, Lam 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 his purchases, he responded that he would need time to recall which vehicles he personally bought.