Party’s Over for Crypto Scammers Who Went on a Spending Spree After a $240 Million Bitcoin Theft
Malone Lam's plea hearing approaches in the $240 million bitcoin social engineering theft; the case highlights surging crypto fraud and limited enforcement.
Malone Lam, accused of organizing a social engineering attack that stole over $240 million in bitcoin (4,100+ BTC) from a Washington, D.C. resident in August 2024, has a plea agreement hearing set. Callers impersonating Google and Gemini staff tricked the victim into revealing security codes. Lam and 17 co-defendants spent lavishly before FBI arrests; crypto investment fraud complaints to the FBI rose nearly 50% in 2025 while DOJ disbanded its crypto crimes unit.
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