Malone Lam, a young man from Singapore, confessed to orchestrating a significant cryptocurrency theft ring that illicitly acquired and laundered more than $245 million in digital currencies. The crew employed tactics such as social engineering and physical break-ins to carry out these thefts. Their criminal ventures financed an extravagant lifestyle filled with private jets and luxury vehicles.

Malone Lam, the alleged mastermind behind a $230 million Bitcoin theft, is set to appear in court Tuesday as the case moves forward.

Malone Lam, 22, faces 14 years in prison after pleading guilty in a $240M Bitcoin theft case involving Gemini impersonation and RICO charges.