Malone Lam Pleads Guilty in $245M Bitcoin Theft Case
Bitcoin (BTC)
Editor:
Eugene Serbin
According to cvj.ai, 22-year-old Singaporean Malone Lam pleaded guilty to federal racketeering conspiracy for stealing over 4,100 Bitcoin worth approximately $245 million. The theft targeted a single Washington, D.C., victim in August 2024 when co-conspirators posed as Google and Gemini representatives to obtain security codes via social engineering. Lam faces up to 20 years in prison for orchestrating the largest cryptocurrency theft involving one victim in U.S. history.
Prosecutors allege the broader enterprise used mixers, peel chains, and virtual private networks to move the stolen funds. Lam laundered the crypto to fund a lavish lifestyle, purchasing a $2 million watch and more than 30 high-end cars. His spending spree included renting Miami mansions and spending $569,000 in one night at a Los Angeles nightclub.
Authorities identified a fleet of at least 28 exotic cars valued between $100,000 and $3.8 million each. Lam is the 11th of 18 defendants to plead guilty in this sophisticated operation. The Justice Department alleges the wider enterprise obtained more than $263 million through various thefts.
It remains unclear how much property or cryptocurrency has been recovered or returned to the victim. U.S. District Judge Colleen Kollar-Kotelly has not yet scheduled Lam’s sentencing hearing. The case highlights the global challenges of recovering stolen digital assets and compensating victims.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 10 September 2026. Not the outlet's figures.
Whalio’s spot data for Bitcoin shows a price of $78,306.43 with a 1-hour buy ratio of 49.0% and a 4-hour buy ratio of 41.1%. These short-term readings are below the 24-hour buy ratio of 46.9%, indicating that buying pressure is fading relative to the daily average. The 1-hour volume delta is -$832,559, while the 4-hour delta sits at -$83,246,006, showing net selling activity in the immediate and medium term. The 24-hour volume delta is -$70,116,211, confirming that sellers have dominated the flow over the last day. A negative volume delta means that more capital has flowed out of spot markets than has flowed in. The cumulative volume delta (CVD) for the 24-hour close is -$163,383,571, reflecting sustained selling pressure. Only 7 out of 24 hours experienced net buying, suggesting a predominantly bearish intraday structure.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
Over the preceding week, Bitcoin’s average buy ratio was 48.8%, making the current 24-hour ratio of 46.9% slightly lower by 1.9 points. Weekly volume was 0.99x the average, indicating trading activity remained near normal levels compared to recent history. The coin saw a price change of +1.2% over eight days, with a total volume delta of -$221,509,764 for the period. Net buying occurred on only 2 of the 7 days, mirroring the limited buying windows seen in the last 24 hours. This pattern suggests an ordinary day for the coin, characterized by mild selling pressure and volume close to its weekly baseline.