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Singaporean Malone Lam to plead guilty in $240M Bitcoin theft

9/7/2026

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Summary

Story summary

Singapore citizen Malone Lam will plead guilty in federal court for a $240 million Bitcoin theft.
He organized a social-engineering attack on Aug. 18 2024 that stole over 4,100 Bitcoin.
Lam bought a $2 million watch and over 30 luxury cars, including custom Porsches.
FBI arrested Lam in Miami and co-defendant Serrano at LAX on Sept. 18 2024.
Prosecutors say Lam could face at least 14 years in prison under federal guidelines.

History

Historical Context

Mt. Gox, acquired by Mark Karpelès in 2011, handled most global Bitcoin trades before its 2014 bankruptcy and the loss of about 850,000 BTC, prompting Japan to enact its first cryptocurrency exchange regulations. A major 2024 crypto theft and ensuing law-enforcement action show how the earlier collapse still shapes anti-fraud efforts.

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Story summary

Singapore citizen Malone Lam will plead guilty in federal court for a $240 million Bitcoin theft.
He organized a social-engineering attack on Aug. 18 2024 that stole over 4,100 Bitcoin.
Lam bought a $2 million watch and over 30 luxury cars, including custom Porsches.
FBI arrested Lam in Miami and co-defendant Serrano at LAX on Sept. 18 2024.
Prosecutors say Lam could face at least 14 years in prison under federal guidelines.

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