Malone Lam, 22, from Singapore, pleaded guilty on Tuesday to a federal racketeering conspiracy charge tied to the theft of more than 4,100 Bitcoin from a Washington, D.C., resident.<\/p>\n
Prosecutors valued the theft at roughly $245M when it occurred and described it as one of the largest cryptocurrency thefts involving a single victim in U.S. history.<\/p>\n\n
Lam faces a maximum sentence of 20 years. U.S. District Judge Colleen Kollar-Kotelly did not immediately schedule his sentencing hearing in Washington.<\/p>\n
The plea resolves Lam\u2019s criminal responsibility for the charged conspiracy, but it does not answer how much Bitcoin, cash, or property connected to the theft has been traced, seized, or returned to the victim.<\/p>\n
Lam is one of 18 defendants charged in the case and the 11th to plead guilty.
\nProsecutors said alleged co-conspirators posed as Google and Gemini representatives to obtain access to the victim\u2019s Google Drive and security codes.
\nAuthorities said the proceeds funded cars, a $2M watch, Miami mansion rentals, and nightlife spending.
\nThe Justice Department has alleged that the broader enterprise obtained more than $263M through cryptocurrency thefts, a figure distinct from the Washington victim\u2019s loss.
\nThe available material does not establish how much property or cryptocurrency has been recovered or whether the victim has been compensated.<\/p>\n
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