A 22-year-old man pleaded guilty on Tuesday to teaming up with friends to steal nearly a quarter-billion dollars in bitcoin from a Washington, DC, resident — one of the largest cryptocurrency thefts in US history — and then embarking on a wild spending spree with the laundered proceeds.
Malone Lam, an eighth-grade dropout who came to the US from Singapore, faces a maximum prison sentence of 20 years after pleading guilty to a federal racketeering conspiracy charge. US District Judge Colleen Kollar-Kotelly didn’t immediately schedule Lam’s sentencing hearing in Washington.
Lam was an organizer for a network of young men who carried out a string of crypto scams starting in 2023, prosecutors said. He is one of 18 defendants charged in the case and is the 11th to plead guilty, but his conviction marks a major breakthrough for the Justice Department’s investigation
Credit:CNN
