WASHINGTON (WOWO) — A 22-year-old individual has admitted guilt for his role in the theft of over $245 million in bitcoin from a resident of Washington, D.C., marking one of the largest cryptocurrency heists in U.S. history.
As reported by 21Alive, Malone Lam entered his guilty plea on Tuesday for a federal charge of racketeering conspiracy. He could face a maximum sentence of 20 years in federal prison.
According to prosecutors, Lam played a leading role in a group of young men who executed various cryptocurrency scams starting in 2023. He is among 18 individuals charged in this case and the 11th to plead guilty.
In August 2024, Lam and his associates reportedly employed social engineering strategies to deceive the victim into granting them access to his Google Drive and security codes. Two of Lam’s alleged accomplices impersonated representatives from Google and the cryptocurrency trading platform Gemini.
Prosecutors state that Lam subsequently misappropriated over 4,100 bitcoin, valued at more than $245 million at the time of the theft.
According to authorities, Lam was instrumental in converting the stolen cryptocurrency into cash, which he then used to fund lavish purchases such as luxury cars, leased mansions, and extravagant nights out.
The FBI reports that his expenditures included over 30 vehicles, comprising customized Porsches, Lamborghinis, and Ferraris, in addition to an opulent $2 million watch.
Moreover, authorities noted that Lam spent $569,000 at a nightclub in Los Angeles in just one evening.
The spree of extravagant spending continued for approximately a month before FBI agents apprehended Lam in Miami.
A date for sentencing has yet to be established.