Sports Cars, Mansions, Nightclubs: 22-Year-Old Pleads Guilty in $240 Million Bitcoin Theft

A story that reads like a movie script reached a major turning point on September 8, when Malone Lam, a 22-year-old born in Singapore, pleaded guilty in federal court in Washington, D.C., to a racketeering conspiracy charge.

The theft

According to prosecutors, the scheme targeted a Washington resident in August 2024. Two alleged co-conspirators impersonated support staff from Google and the Gemini crypto exchange, convincing the victim to take steps that allowed Lam to take control of more than 4,100 bitcoin. Reports put the value at roughly $240 million at the time, with the Associated Press citing a loss of over $245 million.

The spending spree

Prosecutors say Lam then laundered the proceeds and spent lavishly — on sports cars, Miami mansions and nightclubs — in a spree that lasted about a month before FBI agents arrested him in Miami.

A wider case

Lam is one of 18 defendants in the case, and his plea was the 11th guilty plea so far. Prosecutors describe him as an organiser in a network of young men who carried out a string of crypto scams beginning in 2023. He faces a maximum of 20 years in prison; Judge Colleen Kollar-Kotelly did not immediately set a sentencing date.

The lesson for everyone

Security experts say the case is a stark reminder: legitimate companies will not call you out of the blue and ask you to move funds, share recovery phrases or install remote-access software. If someone claiming to be “support” contacts you, hang up and reach the company through its official website or app.

This story was written by the Celestia Times newsroom based on the reporting linked above. Details in developing stories can change; see our corrections policy to report an error. Illustration is original artwork, not a photograph of the events described.