What do you do after stealing $245 million in bitcoin?
Apparently, throw the money at supercars, luxury watches and wild nightclub parties.
Singaporean national Malone Lam, 22, pleaded guilty in the US on Tuesday to racketeering conspiracy.
He admitted he helped organise one of the largest cryptocurrency thefts ever recorded.
According to the US Department of Justice, Lam and his associates deceived victims into revealing confidential information.
They then used it to access and drain their crypto wallets.
The group allegedly even carried out home break-ins to obtain sensitive details. Then came the spending spree.
Luxury Spending Revealed
The stolen fortune reportedly funded more than 30 exotic cars, luxury homes, private jets, expensive watches and Hermes Birkin handbags.
At some nightclub visits, the group allegedly spent as much as $500,000 and even tossed designer handbags into crowds.
US Attorney Jeanine Pirro said Lam “led an international network” that targeted victims through deception and invaded their privacy.
Lam, who used aliases including “Anne Hathaway” and “King Greavy”, faces up to 20 years in prison.
One judge compared his lifestyle to “Ferris Bueller gone bad” after hearing about the extravagant spending.
The FBI eventually arrested Lam and an associate in September 2024.
From crypto fortune to courtroom reckoning, the party appears to be over.
