Malone Lam, the alleged ringleader behind a $230 million-plus Bitcoin theft, is set to appear in federal court Tuesday for a plea-agreement hearing. The hearing is expected to bring the government’s sprawling investigation closer to a conclusion.
Lam and 17 others have been charged in connection with the August 2024 social-engineering heist, in which more than 4,100 Bitcoin were stolen from a Washington, D.C., investor.
Prosecutors say the group laundered the proceeds and then went on a lavish spending spree, buying exotic cars, renting mansions, flying on private jets and spending millions at nightclubs.
Lam would become the 11th defendant to plead guilty, while three co-conspirators have already been sentenced and others are awaiting trial or sentencing.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
