Singaporean Man Pleads Guilty to $245 Million Bitcoin Theft in US

A 22-year-old Singaporean man has pleaded guilty in a US court to his role in one of the largest cryptocurrency thefts in US history, involving the theft and laundering of approximately $245 million worth of Bitcoin.

Malone Lam pleaded guilty on Tuesday to conspiracy to operate an organised criminal enterprise. He faces a maximum sentence of 20 years in prison.

According to the US Department of Justice (DOJ), Lam and his accomplices stole the cryptocurrency from victims and laundered the proceeds through various methods. The group allegedly used the stolen funds to finance an extravagant lifestyle, spending as much as $500,000 in a single night at nightclubs.

They also purchased a fleet of luxury and rare vehicles, with individual cars reportedly costing between $100,000 and $3.8 million. Their spending also included expensive watches, designer clothing and Hermès Birkin handbags worth hundreds of thousands of dollars each.

Prosecutors said the group rented luxury properties in Los Angeles, the Hamptons and Miami, travelled by private jet and hired private security. Lam also became well known in Los Angeles and Miami nightlife circles for his lavish spending.

The DOJ described Lam as the alleged ringleader of the criminal network. He reportedly identified victims, assigned roles to accomplices and used stolen personal information to gain access to cryptocurrency wallets.

The group allegedly obtained sensitive information through social engineering and other fraudulent methods. In some cases, members reportedly entered victims’ homes to obtain information needed to access their cryptocurrency holdings.

The criminal operation allegedly ran from at least October 2023 to May 2025, involving members based in California, Connecticut, New York, Florida and several other countries. Investigators said the suspects met through online gaming platforms.

Lam, who also reportedly used the aliases “Anne Hathaway” and “King Gravy,” left secondary school in Singapore at the age of 14. He travelled to the United States in October 2023 and remained there after his visa expired in January 2024.

The operation began to unravel in September 2024, when FBI agents arrested Lam and one of his associates.

US Attorney Jeanine Pirro said authorities would pursue cybercriminal networks that target victims, violate their privacy and steal cryptocurrency on a massive scale.

Lam’s sentencing date was not immediately set by US District Judge Colleen Kollar-Kotelly.

Another member of the group, Evan Tangeman, was sentenced to 70 months in prison in April for his role in laundering the stolen cryptocurrency. Prosecutors said Tangeman also attempted to destroy evidence after Lam’s arrest.

The case highlights the growing threat posed by cryptocurrency theft, social engineering and cross-border cybercrime. Lam’s guilty plea marks a major development in one of the most closely watched cryptocurrency theft cases in the United States.