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A guilty plea from Malone Lam in a $245M cryptocurrency theft conspiracy puts a ringleader's name on the federal record for a case built around organized targeting of digital asset holders.
US prosecutors described Lam as the architect of an international network that combined social engineering with home break-ins to reach those holders directly.
The $245M figure is the monetary scale prosecutors have placed on the conspiracy. Their account frames the operation as organized and deliberate.
The network focused on individual cryptocurrency holders rather than exchanges or platforms, and Lam's role was to build and direct it across international borders.
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