US prosecutors charge 20-year-old Singaporean Malone Lam with stealing $245 million in crypto assets and squandering them

Odaily Planet Daily News According to CNBC, federal prosecutors in Washington, D.C., have charged 13 men with a broad conspiracy to identify victims with large amounts of cryptocurrency, steal those assets, and then launder the proceeds. According to a superseding indictment obtained by CNBC on Thursday, the victims' cryptocurrency in this case was stolen, worth more than $265 million. The 13-person gang includes Americans and foreigners, who spent lavishly after stealing crypto assets, including spending $9 million on luxury cars, $4 million on nightclubs, and multiple rental properties. One of the defendants is 20-year-old Singaporean Malone Lam, who was previously arrested and charged for one of the largest thefts, which stole about $245 million worth of Bitcoin from a man in Washington, D.C. in mid-August. The indictment alleges that Lam used the money to buy more than 30 luxury cars, including Ferraris, Lamborghinis, Mercedes G wagons, a Rolls-Royce, a McLaren, and a Pagani. He also allegedly purchased a $2 million watch.