This week, the man who committed one of history’s largest bitcoin thefts pleaded to guilty.
Malone Lam, 22, a Miami resident from Singapore, on Tuesday admitted his role as ringleader of the international crime group which stole 4,100 bitcoins — worth over $230 million at the time — to fund a life of luxury.
Department of Justice of The United States said Lam and other hackers hacked databases from October 2023 to at least May 2020, stealing crypto user’s information and tricking them into giving private keys and logins. The theft involved Bitcoins and other crypto currencies worth over $245 million.
In one instance, a co defendant broke into a New Mexico residence and stole a Hardware Wallet while Lam tracked the victim’s movement by hacking his iCloud account.
“This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency,” U.S. Attorney Jeanine Ferris Pirro made a public statement.
“If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable,” Attorney Pirro added.
DOJ: “The Racketeer Influenced and Corrupt Organizations Act conspiracy used social engineering and occasional home break-ins to obtain information that allowed the conspirators to drain their victims’ cryptocurrency wallets.”
Indictment stated that the crimes began after online gamers became good friends and then worked together to commit cybercrimes.
Lam and her co-defendants used the bitcoins they stole to buy bottle service, jet rental, security, handbags and luxury watches as well as properties in Los Angeles.
According to the announcement on Tuesday, defendants were planning parties that would cost up to $5000 per person and handbags valued at tens or thousands of dollar.
Lam arrested His rental property in Miami in 2024.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
