22-Year-Old Man Admits to Stealing £181 Million in Bitcoin with Criminal Group

A 22-year-old, one of the leaders of a major criminal network involving cryptocurrency, Malone Lam has admitted to participating in the theft of Bitcoin. Lam, a Singaporean national, led an international cybercrime network that targeted wealthy cryptocurrency investors.

The criminal group spent the stolen funds on luxury cars, high-end homes, private jets, and lavish parties. Online, Lam used aliases such as "Anne Hathaway," "$$$," and "King Greavy."

In one of the network's largest attacks, Lam and his accomplices stole from a victim over 4,100 Bitcoin, which at the time were worth more than £181 million or $245 million .

The group used sophisticated "social engineering" fraud schemes against wealthy crypto holders. They deceived victims into providing the credentials needed to drain their crypto wallets, as reported by Need To Know.

During the theft in August 2024, two of Lam's accomplices posed as representatives of Google and the cryptocurrency exchange Gemini . The victim in Washington granted them access to their Google Drive and provided security codes. Following this, the criminal group seized over 4,100 Bitcoin.

Attempting to launder the stolen cryptocurrency, the criminals began spending the funds on a decadent lifestyle. According to court documents, Lam spent over $569,000 in a single night at a Los Angeles nightclub.

According to the FBI, his purchases included a $2 million watch and over 30 luxury cars, including custom-ordered Porsche, Lamborghini, and Ferrarimodels.

Other members of the criminal network rented luxury homes in Miami, Los Angeles, and the Hamptons, traveled on private jets, and hired personal security. In nightclubs, they even handed out luxury handbags worth tens of thousands of dollars.

According to the U.S. Department of Justice, the criminal enterprise was formed no later than October 2023 . Network members performed tasks such as identifying wealthy victims, making fraudulent calls, hacking databases, and laundering stolen funds. Some were also suspected of breaking into victims' homes to obtain credentials for accessing cryptocurrency wallets.

Malone Lam on September 8 pleaded guilty in a federal court in Washington to one count of conspiracy to participate in a RICO criminal organization. He is one of 18 individuals charged in the case and the 11th defendant to plead guilty.

U.S. Attorney Jeanine Ferris Pirro emphasized that they will identify and hold cybercriminals accountable. She stated that Lam led an international network and participated in deceiving people and stealing hundreds of millions of dollars in cryptocurrency.

Lam could face up to 20 years in prison . The next court hearing for his case is scheduled for December 8 .