A 22-year-old man pleaded guilty Tuesday to participating in the theft of nearly $245 million in bitcoin from a Washington state resident, marking one of the largest cryptocurrency thefts recorded in the United States. Malone Lam, who immigrated to the U.S. from Singapore, admitted to conspiring with associates as part of a federal racketeering conspiracy.

Lam was identified by prosecutors as a key organizer in a group of young men responsible for multiple cryptocurrency-related scams that began in 2023. The network employed “social engineering” tactics to fraudulently gain access to victims’ digital assets, leading to significant financial losses.

According to court documents, the scheme culminated in August 2024 when Lam and other conspirators manipulated a Washington resident into relinquishing control over bitcoin holdings valued at more than $245 million. The case represents one of the most substantial digital asset thefts to date involving individual victims in the U.S.

Lam is among 18 defendants charged in connection with the operation, and he is the 11th to enter a guilty plea. Federal authorities have indicated that the investigation into the broader network and its methods is ongoing.

If convicted, Lam faces up to 20 years in federal prison. The case underscores increasing concerns within law enforcement about the exploitation of cryptocurrency platforms and the growing prevalence of sophisticated scams targeting digital asset holders.