$245 million crypto heist led by Singaporean man Lam as Bitcoin holds near $79,000 amid $246 million liquidations
Lam pleaded guilty to leading the fraud ring that stole 4,100 bitcoin and spent proceeds on luxury items. Simultaneously, Bitcoin traded at $79,624 after nearly $246 million in positions were liquidated.
Malone Lam, a 22-year-old resident of Miami and Singapore, pleaded guilty to leading a criminal enterprise that stole an estimated $245 million in cryptocurrency. He cooperated with U.S. investigators regarding the scheme, which began in October 2023 and continued through at least May 2025. The conspiracy involved co-conspirators from California, Connecticut, New York, Florida, and other locations who met via online gaming platforms. They tricked victims into providing confidential information and occasionally conducted home break-ins to access cryptocurrency wallets. Lam utilized stolen funds to purchase Hermes Birkin handbags valued in the tens of thousands, high-end watches worth up to $500,000, luxury clothing, rental properties in Los Angeles, the Hamptons, and Miami, private jet rentals, and hired private security guards. The stolen bitcoin total was approximately 4,100 coins. Outside the criminal case, Bitcoin held near the $79,000 mark, trading at $79,624 on Wednesday as macroeconomic risks increased. Nearly $246 million in crypto positions were liquidated within a single 24-hour period. Analysts noted rising volatility, with global market capitalization increasing to $2.71 trillion according to CoinMarketCap.
