Malone Lam is expected to appear in federal court on Tuesday for a plea hearing tied to an alleged $230 million Bitcoin theft case, according to Odaily, citing Bitcoin News. Prosecutors said Lam led an 18-person group in August 2024 that used social engineering to obtain more than 4,100 BTC from a Washington, D.C. investor. They also alleged that the proceeds were later spent on cars, luxury homes, a private jet and nightclub expenses. If Lam enters a guilty plea, he would become the 11th defendant in the case to do so. The hearing marks the latest court step in a case centered on a large-scale Bitcoin theft allegation and the spending of the stolen funds.
Malone Lam is expected to appear in federal court on Tuesday for a plea hearing in an alleged $230 million Bitcoin theft case, Odaily reported, citing Bitcoin News.
Prosecutors said Lam led an 18-person group in August 2024 and used social engineering to obtain more than 4,100 BTC from a Washington, D.C. investor. They alleged the proceeds were later used to buy cars, luxury homes and a private jet, with additional spending at clubs.
If Lam pleads guilty, he would become the 11th defendant in the case to do so.
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