Cryptoscam leader faces plea on $240M theft

A 22-year-old Singaporean man, Malone Lam, is expected to plead guilty to helping steal over $240 million worth of Bitcoin from a single victim through a sophisticated social engineering scam. Prosecutors say Lam and co-conspirators tricked the victim by posing as representatives of Google and a cryptocurrency exchange, gaining access to his accounts and siphoning off the cryptocurrency. Lam and others allegedly spent the proceeds lavishly on luxury cars, private jets, mansions, and nightlife, attracting law enforcement attention.

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