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Singaporean Malone Lam Faces New Charges in $263M Crypto Theft Conspiracy

Lam's alleged role in a massive crypto theft expands. Despite arrest, he continued to direct the criminal enterprise.

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In this picture we can see a market, in which we can see some stoles and we can see few people are...
In this picture we can see a market, in which we can see some stoles and we can see few people are around.

Singaporean Malone Lam Faces New Charges in $263M Crypto Theft Conspiracy

Singaporean Malone Lam, initially charged in September 2024, faces additional allegations. A superseding indictment from the U.S. Department of Justice (DOJ) has added 12 individuals, including Lam, to a cyber-enabled racketeering conspiracy case. The group, led by Lam, is accused of stealing over $263 million in cryptocurrency, specifically Bitcoin.

The conspiracy, which began around October 2023, involved tactics like database hacking, social engineering, and home break-ins. Lam gained unauthorized access to a victim's account, transferring approximately 4,100 Bitcoin (worth around $230 million at the time) to wallets controlled by the group. Despite his arrest in September 2024, Lam continued to be involved in the criminal enterprise.

The DOJ alleges that Lam and his associates spent the stolen cryptocurrency on a lavish lifestyle. This included high-value nightclub services, luxury goods, rental homes, private jet rentals, and exotic cars. Lam is accused of directing the transfer of stolen cryptocurrency and arranging for luxury goods to be delivered to his girlfriend in Miami, Florida, while in pre-trial detention.

The superseding indictment charges 12 additional individuals, with several arrested last week in California. Two suspects are believed to be living in Dubai and remain at large. The DOJ's investigation continues.

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