According to ME News, on September 8, 22-year-old Singaporean man Malone Lam (alias "Greavys") pleaded guilty in a U.S. federal court in Washington, D.C., to a charge of conspiracy to commit wire fraud involving $245 million. Prosecutors alleged that he orchestrated a transnational social engineering network that stole victims' crypto assets through impersonation scams, database breaches, and hardware wallet thefts. The U.S. Department of Justice stated that the criminal organization operated at least since October 2023, using social engineering tactics and occasional burglaries to obtain victim information and transfer their cryptocurrencies. The stolen funds were used to purchase luxury cars, high-end watches, private jet rentals, and nightclub expenditures—with single-night club spending reaching up to $500,000. Co-defendant Evan Tangeman was sentenced to 70 months in prison in April this year for money laundering. Lam faces a maximum of 20 years in prison, with sentencing scheduled for December 8. (Source: BlockBeats)
22-Year-Old Singaporean Pleads Guilty to $245 Million Crypto Fraud Scheme
KuCoinFlashShare
Summary
A 22-year-old Singaporean, Malone Lam, has pleaded guilty in a $245 million crypto news fraud case linked to MetaEra. Known as "Greavys," Lam was part of a transnational group that stole crypto assets through fake customer service, database breaches, and hardware wallet thefts. The DOJ stated the scheme operated since October 2023, with stolen funds used to purchase luxury goods and fund nightlife expenses. Co-defendant Evan Tangeman was sentenced in April to 70 months in prison for money laundering. Lam could face up to 20 years in prison, with sentencing scheduled for December 8.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.