Crypto theft ringleader Malone Lam set to appear in court over $230 million Bitcoin theft

Lam allegedly orchestrated a social-engineering attack that led to the theft of more than 4,100 Bitcoin from a wealthy investor.

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.

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.