Mastermind Behind World's Largest Bitcoin Theft Pleads Guilty

A Singaporean man, Malone Lam, has pleaded guilty to conspiracy charges in the United States. Lam is identified as the mastermind behind one of the largest cryptocurrency thefts in the world.

According to the BBC, Lam admitted to collaborating with several accomplices to steal Bitcoin valued at US$249 million, or approximately Rp 4.3 trillion. According to the US Department of Justice (DOJ), the 22-year-old and his associates spent up to US$500,000 per night in nightclubs. The DOJ also stated that they purchased numerous luxury vehicles, with values ranging from US$100,000 to US$3.8 million.

Lam now faces a maximum prison sentence of 20 years. US District Judge Colleen Kollar-Kotelly has not yet scheduled a sentencing hearing.