Odaily Planet Daily reports that Malone Lam is expected to appear at a federal court guilty plea hearing on Tuesday, related to an alleged $230 million Bitcoin theft. Prosecutors stated that in August 2024, Malone Lam led an 18-person gang to obtain over 4,100 Bitcoins from a Washington, D.C. investor through social engineering, then used the proceeds to purchase cars, luxury homes, and private jets, as well as to fund club expenses. If Malone Lam pleads guilty, he will become the 11th defendant in the case to do so. (Bitcoin News)
Malone Lam to Appear in Court in $230 Million Bitcoin Theft Case
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Malone Lam is scheduled to appear in federal court on Tuesday in connection with a $230 million Bitcoin theft case. Prosecutors allege that he and an 18-person team used social engineering to steal 4,100 Bitcoin from a Washington, D.C. investor in August 2024. The funds were reportedly used to purchase luxury assets. Lam could become the 11th defendant to plead guilty. Amid the recent approval of Bitcoin ETFs, regulatory scrutiny of crypto-related crimes is intensifying. The debate over spot Bitcoin ETFs continues to influence market sentiment.
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