22-Year-Old Pleads Guilty to $245 Million Bitcoin Theft

Sep 8, 2026

68 min

Sep 8, 2026 17:30

How a 22-year-old stole $245 million in Bitcoin and spent it in a month

## Massive Bitcoin Heist

A 22-year-old man has admitted to participating in one of the largest cryptocurrency thefts in U.S. history, stealing nearly $245 million in bitcoin. The man, Malone Lam, along with his associates, used social engineering tactics to deceive a Washington, D.C. resident into giving them access to his digital assets.

## Elaborate Scam

The group impersonated representatives from Google and the Gemini crypto exchange, tricking the victim into revealing security codes. This allowed them to transfer over 4,100 bitcoin into their control. Lam, originally from Singapore, was a key figure in the operation, which began in 2023.

## Lavish Spending

Following the theft, Lam engaged in a month-long spending spree, purchasing luxury items including a $2 million watch and over 30 high-end cars. He also rented mansions and spent extravagantly at nightclubs, with one night costing $569,000.

## Legal Consequences

Lam has pleaded guilty to a federal racketeering conspiracy charge and faces up to 20 years in prison. His conviction is a significant step in the Justice Department's investigation, with 11 out of 18 defendants now having pleaded guilty.

## Arrest and Aftermath

The spree ended when FBI agents arrested Lam in Miami. An off-duty officer had warned him of the impending arrest, but it was too late. In a recorded jail call, Lam expressed disbelief at the scale of the operation's downfall.

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