22-year-old Malone Lam has pleaded guilty to a racketeering conspiracy charge for his role in a scheme that stole $245 million in Bitcoin.
According to prosecutors, Lam and his associates spent millions of the stolen money on exotic cars, private jets, mansions, and nights out including up to $500,000 in a single night at clubs.
Prosecutors say the group tricked a Washington, D.C., victim by posing as Google and cryptocurrency exchange representatives to gain access to his accounts and security codes.
Lam now faces up to 20 years in prison.
Leave a Reply