Malone Lam pleads guilty in $245M cryptocurrency theft conspiracy

Malone Lam has pleaded guilty in a cryptocurrency theft conspiracy valued at $245 million, according to information from Cointelegraph citing US prosecutors. Prosecutors said Lam organized an international network that targeted cryptocurrency holders using social engineering and home break-ins. The case involves an alleged coordinated effort to gain access to victims and steal their digital assets. Lam’s guilty plea marks a significant development in the prosecution of the network described by authorities. The report did not provide further details on the charges, sentencing or the identities of the cryptocurrency holders involved. The case highlights the security risks facing digital-asset owners, including threats that extend beyond online attacks to targeted physical intrusions. No additional information about the stolen cryptocurrencies or the network’s operating locations was supplied.