Story perspectives

Malone Lam Pleads Guilty in $245M Bitcoin Theft Scheme

9/9/2026

Summary

Story summary

Malone Lam pleaded guilty in U.S. federal court to a racketeering conspiracy.
The scheme stole more than 4,100 Bitcoin, valued at about $245 million, from a Washington, D.C. investor.
Lam’s group used social-engineering calls posing as Google and Gemini to obtain passwords and security codes.
The conspiracy operated from at least October 2023 through May 2025, according to court documents.
Lam faces up to a 20-year sentence and must repay over $245 million to victims.

History

Historical Context

In early 2014 Mt. Gox, which handled over 70% of global Bitcoin trades, halted withdrawals and filed for bankruptcy after losing about 850,000 BTC (roughly $473 million). The collapse led Japanese authorities to enact the first formal cryptocurrency regulations, prompting tighter anti-money-laundering rules that later shaped responses to subsequent fraud schemes such as the 2023-2025 impersonation attack.

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Story summary

Malone Lam pleaded guilty in U.S. federal court to a racketeering conspiracy.
The scheme stole more than 4,100 Bitcoin, valued at about $245 million, from a Washington, D.C. investor.
Lam’s group used social-engineering calls posing as Google and Gemini to obtain passwords and security codes.
The conspiracy operated from at least October 2023 through May 2025, according to court documents.
Lam faces up to a 20-year sentence and must repay over $245 million to victims.

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