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A guilty plea from Malone Lam resolves a $245 million cryptocurrency theft conspiracy, with US prosecutors saying he organized an international network that hunted cryptocurrency holders through social engineering and home break-ins.
Prosecutors placed Lam as the organizer of the operation. The network reached internationally and ran two methods against targets: social engineering on the digital side and physical home break-ins.
That combination of digital manipulation and physical intrusion is what defines the government's framing of the scheme.
For anyone watching digital asset custody risk, the break-in element is the detail that extends this beyond a standard crypto fraud case. Sentencing is the next proceeding on the record.
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