Malone Lam set to plead guilty in $240 million Bitcoin theft case

Malone Lam, the alleged ringleader of a group accused of stealing more than $240 million in Bitcoin from a Washington, D.C., investor, has been set for a plea agreement hearing after 10 other defendants admitted guilt in the sprawling crypto theft case. Summary Malone Lam is set for a plea agreement hearing over the theft of more than 4,100 Bitcoin worth over $240 million from a Washington investor. Prosecutors said Lam and his associates used social engineering to obtain account access and security codes before moving the stolen crypto through multiple platforms. The group spent millions on luxury cars, private jets, mansions, watches and nightclubs before FBI arrests began in September 2024. Eighteen defendants have been charged in the case, with Lam set to become the 11th to plead guilty and potentially facing at least 14 years in prison. The Associated Press reported that the 22-year-old Singaporean is scheduled to appear in court Tuesday, nearly two years after prosecutors accused him and his associates of using social engineering to steal more than 4,100 Bitcoin from a longtime crypto investor in August 2024. Eighteen defendants have been charged in the case, with Lam set to ...