22-Year-Old Malone Lam Admits to $245 Million Crypto Heist

Malone Lam, 22, has pleaded guilty to one of the largest crypto heists in the U.S., in which over $245 million in cryptocurrency was stolen and laundered. One victim, a man from Washington, lost more than $230 million in Bitcoin. Lam lived luxuriously after the heist, purchasing over thirty sports cars and spending $569,000 in a nightclub in one night. The criminal network, which originated through online gaming, targeted individuals with large amounts of cryptocurrency. The group used false identities to gain access to accounts and security codes. In August 2024, they managed to access their victim's data by posing as Google employees and later as employees of the cryptocurrency exchange Gemini. The FBI has determined that Lam bought more than 30 cars, including Ferraris and Lamborghinis, and spent $2 million on a watch. Eighteen people have been charged in the case, and Lam could face up to twenty years in prison.

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