U.S. Prosecutors Charge 20-Year-Old Singaporean Malone Lam with Stealing $245 Million in Crypto Assets and Lavish Spending

BlockBeats News, May 16, according to CNBC report, federal prosecutors in Washington, D.C. have charged 13 men with allegedly orchestrating a wide-ranging conspiracy aimed at identifying victims holding significant amounts of cryptocurrency, stealing those assets, and then laundering the proceeds.

According to an CNBC report on Thursday, the cryptocurrency of victims in this case was stolen, valued at over $265 million. The 13-person group includes both U.S. and foreign nationals, who lavishly spent after stealing the crypto assets, including $9 million on luxury cars, $4 million at nightclubs, and several rental properties.

One of the defendants is 20-year-old Singaporean Malone Lam, who was previously arrested and charged in connection with one of the largest thefts involving stealing approximately $245 million worth of Bitcoin in mid-August from a man in Washington, D.C. According to the indictment, Lam used this money to purchase over 30 luxury cars, including a Ferrari, Lamborghini, Mercedes G-wagon, a Rolls-Royce, a McLaren, and a Pagani. He is also accused of buying a watch worth $2 million.