Ringleader in $240M BTC theft case pleads guilty

Malone Lam, identified as the ringleader of a group accused of stealing about $240 million worth of Bitcoin in the United States, pleaded guilty to a racketeering conspiracy charge brought by U.S. prosecutors, the AP reported. The case is one of the largest thefts in U.S. crypto crime history, and Lam is accused of using social engineering with accomplices in August 2024 to deceive a victim and steal more than 4,100 BTC. Lam could face up to 20 years in prison and is the 11th of the 18 defendants charged in the case to plead guilty.