Malone Lam, a 22-year-old from Singapore, has entered a guilty plea in a United States court regarding his leadership of a criminal syndicate involved in digital asset theft. The operation, which targeted individuals possessing significant cryptocurrency wealth, utilized social engineering tactics to illicitly acquire funds exceeding US$260 million. This legal proceeding marks a notable milestone, as it represents the first instance of the U.S. Department of Justice applying the Racketeer Influenced and Corrupt Organizations (RICO) Act to a bitcoin-related criminal case. In addition to the racketeering conspiracy charge, the legal action encompasses allegations of wire fraud and money laundering. Lam, who previously attended school in Singapore, acknowledged his role as the primary organizer of the illicit ring during a lengthy court session held on September 8.
Source : Mothership
Photo : Mothership
