Teen behind US$245m Bitcoin theft to testify against Singaporean ringleader Malone Lam
WASHINGTON, June 21 — A 19-year-old man who pleaded guilty to one of the largest cryptocurrency thefts in US history has agreed to testify against Singaporean national Malone Lam, who is accused of masterminding a sprawling digital crime ring that stole over US$260 million.
According to Channel News Asia, Veer Chetal admitted in a plea deal to conspiracy charges involving fraud and money laundering linked to the theft of 4,100 bitcoins from a Washington, DC, crypto holder in August 2024. The stolen coins were valued at around US$245 million (RM1 billion) at the time.
Unsealed court documents revealed that Chetal agreed in November last year to cooperate with federal authorities and testify against his co-defendants, including 20-year-old Lam. Chetal, who was a Rutgers University student at the time, now faces up to 24 years in prison.
According to prosecutors, Lam was not only involved in the US$245 million theft but allegedly spearheaded a 13-member criminal ring that operated globally, targeting crypto wallets using 'social engineering' attacks. Members posed as tech support staff from companies like Google and Yahoo to trick victims into handing over access credentials.
The group is believed to have met on online gaming platforms, where they bonded before launching their sophisticated scheme. In May, Lam was charged under the Racketeer Influenced and Corrupt Organisations (RICO) Act in connection with the wider conspiracy. He pleaded not guilty.
Federal prosecutors describe Lam as one of the ring's two leaders. Despite being arrested last September, he allegedly continued directing operations from jail — including instructing members to purchase and deliver luxury goods to his girlfriend in Miami.
Authorities say Lam personally benefited from the crimes, reportedly spending up to US$500,000 in a single night at clubs and amassing at least 28 luxury cars, some valued at US$3.8 million. He also rented high-end properties in Los Angeles, Miami, and the Hamptons, and spent tens of thousands of dollars on designer clothing.
Lam's lawyer, Scott Armstrong, has said the Singaporean 'looks forward to exercising his right to trial by jury,' with proceedings set to begin in October.
Chetal's guilty plea has brought further revelations. Prosecutors now allege he was linked to about 50 other crypto thefts totalling US$3 million between November 2023 and September 2024.
After the Bitcoin theft, Chetal's parents were kidnapped in a botched ransom plot in Connecticut by six men who believed he still controlled large amounts of cryptocurrency. The attack failed thanks to witnesses and an off-duty FBI agent nearby.
The teen's assets, including over US$39 million in cryptocurrency, luxury watches, clothing, and US$500,000 in cash, have since been seized by federal agents. He is also facing possible deportation.
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