Singaporean man pleads guilty in US to massive crypto heist

Malone Lam, a 22-year-old Singaporean man, pleaded guilty to a racketeering conspiracy charge in the US for organizing one of the biggest ever cryptocurrency thefts.

A Singaporean man was accused of teaming up with friends to steal $245m (£181m) of bitcoin and laundering the proceeds.

The 22-year-old and his associates used the money to spend up to $500,000 per evening at nightclubs, according to the US Department of Justice (DOJ).

They also bought a fleet of exotic cars, ranging in value from $100,000 to $3. 8m.

Lam faces a maximum prison sentence of 20 years.

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