Odaily, citing AP News, reported that Malone Lam, described as the ringleader in a theft of more than 4,100 BTC in August 2024, is scheduled to appear at a plea agreement hearing on Tuesday. The stolen bitcoin was worth more than $240 million at the time, according to the report. Investigators said the group used social engineering tactics, posing as Google and Gemini staff to trick the victim into handing over access to Google Drive and security codes. The bitcoin was then moved and funneled through multiple trading platforms and money-laundering intermediaries. The report also described lavish spending after the theft, including a $569,000 nightclub tab in Los Angeles and purchases of $2 million in watches and more than 30 Porsche, Lamborghini, and Ferrari vehicles. Eighteen defendants have been charged in the case, and U.S. authorities have already sentenced multiple co-conspirators.
Malone Lam, identified in an AP News report cited by Odaily as the ringleader behind the theft of more than 4,100 BTC in August 2024, is set to appear at a plea agreement hearing on Tuesday. The stolen bitcoin was worth more than $240 million at the time.
According to the report, the group used social engineering tactics while posing as Google and Gemini employees. The victim was tricked into giving up Google Drive access and security verification codes, after which the attackers transferred out the bitcoin. The funds were then moved through multiple trading platforms and money-laundering intermediaries.
Authorities said members of the group spent heavily after the theft. Lam, a 22-year-old Singapore national, allegedly spent $569,000 in a single night at a Los Angeles nightclub, bought $2 million worth of watches, and acquired more than 30 Porsche, Lamborghini, and Ferrari vehicles with stolen proceeds.
The case includes 18 defendants. One suspect was tracked after leaking an IP address while hiding nearly $30 million in stolen assets, while another was found with $37 million worth of stolen crypto assets. U.S. authorities have already sentenced multiple accomplices, and Lam is scheduled to appear in court on Tuesday.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
