Party’s Over for Crypto Scammers Who Went on a Spending Spree After a $240 Million Bitcoin Theft

https://www.securityweek.com/wp-content/uploads/2026/04/bitcoin-cryptocurrency.jpeg

They pulled off one of the largest cryptocurrency thefts in U.S. history, duping a stranger out of bitcoin worth over $240 million. They tried to hide their digital fingerprints, carrying out a sophisticated scheme to launder the proceeds.

And then the party started.

The scammers — a network of young men in their late teens or early 20s — celebrated the August 2024 heist by embarking on a wild spending spree. They purchased fleets of sports cars, flew on private jets, hired security guards and rented mansions in Miami and the Hamptons. An alleged ringleader, 22-year-old Malone Lam, spent over $569,000 in one evening at a Los Angeles night club.

Their bender lasted a month before FBI agents arrested Lam on charges that he organized a “social engineering” attack on the Washington, D.C., resident. Lam, an eighth-grade dropout from Singapore, has a plea agreement hearing set for Tuesday. His conviction...

Copyright of this story solely belongs to www.securityweek.com. To see the full text click HERE