By Adegboyega Adeleye
A 22-year-old Singaporean, Malone Lam, has pleaded guilty in the United States to his role in a cryptocurrency heist that saw him and his associates steal about $245 million in bitcoin.
Lam, who was accused of organising an international group of associates, admitted to a racketeering conspiracy charge after the group used deception and stolen personal information to gain access to victims’ cryptocurrency wallets.
According to the BBC, the US Department of Justice said Lam and his associates spent the proceeds lavishly, including up to $500,000 in a single night at nightclubs.
The group also bought more than 30 luxury vehicles, with individual cars valued between $100,000 and $3.8 million, while stolen funds were used to purchase high-end watches, designer clothing, private jet rentals, luxury homes and Hermes Birkin handbags.
