Singaporean suspect in $240M Bitcoin theft agrees to plead guilty after social-engineering scheme; 11 of 18 defendants have now pleaded guilty.
Regulation & Gov ·
A 22-year-old from Singapore is scheduled to enter a plea agreement over participation in a 2024 social-engineering operation that resulted in the theft of more than $240 million in Bitcoin. The scheme involved targets being deceived into transferring cryptocurrency, after which participants allegedly channeled the proceeds into luxury acquisitions including vehicles, aircraft, and real estate. Court records indicate this individual alone spent more than $569,000 during a single night at a Los Angeles nightclub.
If the plea is accepted, this case will mark the 11th guilty plea among 18 defendants charged overall in the theft. Prosecutors have outlined a sentencing-guideline range of at least 14 years for those convicted under these charges.
The plea hearing is set for Tuesday, though no conviction has yet been entered and the precise terms of any agreement remain to be formally disclosed.