US prosecutors charge 20-year-old Singaporean Malone Lam with stealing $245 million in crypto assets and squandering them

Odaily News Federal prosecutors in Washington, D.C., have charged 13 men with allegedly orchestrating a broad conspiracy to identify victims with large amounts of cryptocurrency, steal those assets, and then launder the proceeds, CNBC reported.
According to the superseding indictment obtained by CNBC on Thursday, the victims' cryptocurrencies were stolen, valued at more than $265 million. The 13-member gang included Americans and foreigners, who spent lavishly after stealing crypto assets, including $9 million on luxury cars, $4 million on nightclubs, and multiple rental properties.
One of the defendants is Malone Lam, a 20-year-old Singaporean who was previously arrested and charged in connection with one of the largest thefts, which saw the theft of approximately $245 million worth of Bitcoin from a man in Washington, D.C., in mid-August. The indictment alleges that Lam used the money to purchase more than 30 luxury vehicles, including Ferraris, Lamborghinis, Mercedes G wagons, a Rolls-Royce, a McLaren and a Pagani. He is also suspected of purchasing a $2 million watch.