Singaporean pleads guilty to US charge in $245m bitcoin theft

Malone Lam, 22, has pleaded guilty in a US federal court to racketeering conspiracy over the theft and laundering of $245m in bitcoin.

• Lam admitted to teaming up with friends to steal bitcoin and launder the proceeds, according to the US Justice Department.
• The conspiracy ran from at least October 2023 to May 2025, with members who met on online gaming platforms, according to court documents.
• The DOJ said the group spent up to $500,000 per nightclub visit and bought exotic cars, watches, and Hermes Birkin handbags with the stolen funds.
• Lam faces a maximum 20-year sentence; US District Judge Colleen Kollar-Kotelly has not scheduled a sentencing hearing.