Skip to content
Sign In Subscribe
Crypto — Crime — Legal

What Happened To The Bitcoin Stolen In The $240 Million Heist

22-year-old Malone Lam admitted to a federal racketeering conspiracy charge and faces up to 20 years in prison

,   and  TIPP Staff
2 min read
Pic via X

A 22-year-old man has pleaded guilty to helping steal more than $240 million in bitcoin from a Washington, DC, resident in one of the largest cryptocurrency thefts in US history, the Associated Press reported.

Malone Lam admitted to a federal racketeering conspiracy charge and faces up to 20 years in prison. Prosecutors said Lam helped organize a group that used social engineering schemes to target cryptocurrency holders.

💡
In August 2024, members of the group allegedly posed as employees of Google and the Gemini crypto exchange. They manipulated the victim into providing access to his Google Drive and security information, allowing the theft of more than 4,100 bitcoin, according to prosecutors.

The report said Lam then helped convert the stolen cryptocurrency into cash and went on a lavish spending spree. Authorities said he bought more than 30 luxury vehicles, including Ferraris and Lamborghinis, rented Miami mansions and spent hundreds of thousands of dollars at nightclubs.

Lam was arrested in Miami after about a month of extravagant spending.

Related Tweet:

Also Read:

Why Did Trump Promise Americans $5,000 If Republicans Win
He compared the proposed payment to a corporate dividend but did not explain how the government would finance it.
tippinsightsTIPP Staff

Comments

Related

Latest

Zohran Mamdani Discovers Deregulation
Politics

Zohran Mamdani Discovers Deregulation

The Democratic Socialist mayor of New York, who campaigned on rent freezes, free buses, and city-owned grocery stores, has apparently learned that sometimes government itself is the problem.

,   and  TIPP Staff
Members Public