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WASHINGTON: 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<\/a> that stole more than US$260 million from multiple victims.<\/p>\n The 22-year-old admitted orchestrating and leading the crime ring, which targeted people with large cryptocurrency holdings through “social engineering” attacks.<\/p>\n The case is believed to be the first bitcoin-related case the Department of Justice has built under the Racketeer Influenced and Corrupt Organizations (RICO) Act. It includes conspiracy charges involving wire fraud and money laundering.<\/p>\n Lam faces a maximum prison term of 20 years.<\/p>\n Much of Tuesday’s nearly two-and-a-half-hour hearing in Washington, DC, focused on details of the crimes.<\/p>\n Prosecutor Christopher Howland said Lam “played multiple roles” in the crime ring.<\/p>\n 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.<\/p>\n He detailed how he was seeing a therapist regularly and taking medication for depression, anxiety and to help with his sleeping.<\/span><\/p>\n When the judge asked how Lam pleaded, he let out a long sigh before replying: “I plead guilty, Your Honour.”<\/p>\n Eighteen defendants have been charged in the case, with Lam the 11th to plead guilty.<\/p>\n<\/div>\n WASHINGTON: Singaporean Malone Lam pleaded guilty in a US court on Tuesday (Sep 8) to a racketeering conspiracy charge over his role in a cryptocurrency…<\/p>\n","protected":false},"author":1,"featured_media":84137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-84136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/84136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=84136"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/84136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/84137"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=84136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=84136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=84136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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