Bulletin · Euro Weeks
Peter Hoskins, Business reporter, Broward County Sheriff's Office Malone Lam, 22, is accused of organizing a group of friends to steal cryptocurrency. A Singaporean man pleaded guilty on Tuesday to a racketeering conspiracy charge in the US for organizing one of the biggest ever cryptocurrency thefts. Lam admitted to teaming up with friends to steal $245 million (£181 million) of bitcoin and laundering the proceeds.
The 22-year-old and his associates used the money to spend up to $500,000 per visit to nightclubs, according to the US Department of Justice (DOJ). They also bought a fleet of exotic cars, ranging from $100,000 to $3.8 million. Lam faces a maximum prison sentence of 20 years.
US District Judge Colleen Kollar-Kotelly did not immediately schedule a sentencing hearing for him. US Attorney Pirro stated, "If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable." Lam, who also went by the names Anne Hathaway, $$$, and King Greavy, was identified as the ringleader. The DOJ revealed the conspiracy began no later than October 2023 and continued until at least May 2025.
The co-conspirators, from California, Connecticut, New York, Florida, and outside the US, met via online gaming platforms. The DOJ said Lam tricked victims into giving away confidential information and conducted occasional home break-ins to obtain details for draining their cryptocurrency wallets. The stolen funds were used to purchase Hermes Birkin handbags, high-end watches, luxury clothing, rental homes in Los Angeles, the Hamptons, Miami, private jet rentals, and a team of private security guards.
Source: BBC
