US prosecutor accuses 20-year-old Singaporean Malone Lam of stealing $245 million in cryptocurrency assets and squandering them recklessly

On May 16th, according to CNBC, federal prosecutors in Washington D.C. accused 13 men of plotting a widespread conspiracy to identify victims holding large amounts of cryptocurrency, steal these assets, and then launder the proceeds. According to a replacement indictment obtained by CNBC on Thursday, the victim's cryptocurrency in this case was stolen, worth over $265 million. The 13 member gang includes Americans and foreigners who spend lavishly after stealing encrypted assets, including spending $9 million to buy luxury cars, $4 million to buy nightclubs and several rental properties. One of the defendants is 20-year-old Singaporean Malone Lam, who was previously arrested and charged for the largest theft case, which involved stealing approximately $245 million worth of Bitcoin from a man in Washington D.C. in mid August. The indictment alleges that Lam used the money to purchase over 30 luxury cars, including Ferrari, Lamborghini, Mercedes G station wagon, a Rolls Royce, a McLaren, and a Pagani. He is also suspected of purchasing a watch worth $2 million.