22-Year-Old Confesses to Stealing $240 Million in Bitcoin, Bought 30 Sports Cars

A 22-year-old man has pleaded guilty to involvement in one of the largest cryptocurrency thefts in American history. Malone Lam, originally from Singapore, organized a group of young men who carried out crypto frauds starting in 2023. Eighteen people have been charged in the case, eleven of whom have already pleaded guilty.

The biggest strike came in August 2024 when Lam and his accomplices convinced a Washington resident that they were Google and crypto exchange Gemini employees. Through social engineering, they got the victim to share access to his Google Drive and security codes, giving them control of his cryptocurrency. Over 4,100 bitcoin was stolen, worth more than $245 million at the time, roughly 210 million euros today.

Lam then laundered the stolen crypto and converted it to cash, spending it at a furious pace. He bought more than thirty cars including customized Porsches, Lamborghinis, and Ferraris. He rented luxury villas in Miami and purchased a $2 million watch. In one night alone, he reportedly spent $569,000 at a Los Angeles nightclub.

This extravagant lifestyle lasted about a month before the FBI arrested him in Miami. Sentencing has not yet been set, and he faces up to twenty years in prison.