Jakarta, ThedailyID — Malone Lam, a 22-year-old school dropout from Singapore, has pleaded guilty in a US court for leading a cryptocurrency theft network that allegedly stole more than US$260 million.
Lam used social engineering tactics to target cryptocurrency holders. He and his associates reportedly impersonated employees from major companies, including Google, to convince victims to provide sensitive information.
The stolen information allowed the group to gain access to victims’ cryptocurrency wallets. One victim in Washington, DC, reportedly lost cryptocurrency worth around US$225 million, or approximately Rp3.7 trillion.
Lam allegedly used the proceeds to fund an extravagant lifestyle. He reportedly rented private jets, bought luxury cars worth millions of dollars and spent hundreds of thousands of dollars at nightclubs.
The case has attracted particular attention because it represents the first Bitcoin-related prosecution in the United States under the Racketeer Influenced and Corrupt Organizations Act (RICO).
Lam now faces a maximum sentence of 20 years in prison. He has also been ordered to return approximately US$245 million in stolen funds.
The case highlights the growing risks surrounding cryptocurrency theft. Social engineering attacks can target people directly by manipulating them into revealing information that criminals can use to access digital assets.
Lam’s guilty plea now moves the case toward sentencing as US authorities continue to pursue the recovery of the stolen cryptocurrency.
