22-Year-Old Malone Lam Pleads Guilty in $245 Million Crypto Racketeering Case
Malone Lam, a 22-year-old Singaporean national, pleaded guilty to racketeering charges tied to a scheme that stole A 22 year-old crypto ringleader pleads guilty to $245 million racketeering scheme.
in cryptocurrency, according to The Block.
US prosecutors said Lam organized an international network that used social engineering to trick cryptocurrency holders into handing over access to their funds, and that the operation also involved home break-ins, according to Cointelegraph.
CoinDesk reported that Lam admitted to being the ringleader behind the fraud case, which US authorities pursued as part of a broader crackdown on crypto theft networks operating across borders.
The plea marks a resolution of the criminal case against Lam, who prosecutors identified as the central figure directing the scheme’s members and operations, according to The Block.
Sources: The Block, Cointelegraph, CoinDesk
This article is for information only and is not financial advice.
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