Singaporean Malone Lam Pleads Guilty in $245 Million Crypto Extortion Case

Singaporean national Malone Lam, 22, pleaded guilty to one count of federal conspiracy to commit extortion in a case involving $245 million. According to Odaily, prosecutors said he organized a transnational social engineering network that used fake customer service scams, database intrusions, and hardware wallet thefts to steal victims' crypto assets. Co-defendant Evan Tangeman was sentenced in April to 70 months in prison for money laundering. Lam faces up to 20 years in prison, and sentencing is scheduled for December 8.