Singaporean Malone Lam pleaded guilty in a US court

Singaporean Malone Lam pleaded guilty in a US court on Tuesday (Sep 8) to a racketeering conspiracy charge over his role in a cryptocurrency theft ring that stole more than US$260 million from multiple victims.

The 22-year-old admitted orchestrating and leading the crime ring, which targeted people with large cryptocurrency holdings through "social engineering" attacks.



Lam faces a maximum prison term of 20 years.



Prosecutor Christopher Howland said Lam "played multiple roles" in the crime ring.



Wearing a light olive prison jumpsuit and white T-shirt, Lam spoke several times during the hearing, largely to confirm that he understood and agreed with the prosecution's account.



He detailed how he was seeing a therapist regularly and taking medication for depression, anxiety and to help with his sleeping.



Eighteen defendants have been charged in the case, with Lam the 11th to plead guilty.