A 22-year-old man from Singapore is expected to plead guilty this week in Washington to orchestrating one of the largest cryptocurrency thefts in U.S. history, duping a stranger out of bitcoin worth over $240 million. Malone Lam's conviction would be a major milestone in a case that already has led to guilty pleas by several co-conspirators. The scammers who duped a man into turning over the virtual keys to his crypto holdings celebrated the August 2024 heist by embarking on a wild spending spree. The case is an extreme example of an increasingly common form of cybercrime at a time when the Trump administration is relaxing industry regulation.
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This Justice Department court filing in the case against Hamza Doost and Kunal Mehta, that includes a photo of Malone Lam, is photographed Friday, Sept. 4, 2026. (AP Photo/Jon Elswick)
This Justice Department court filing in the case against Hamza Doost and Kunal Mehta, that includes a photo of Malone Lam, is photographed Friday, Sept. 4, 2026. (AP Photo/Jon Elswick)
This Justice Department court filing in the case against Hamza Doost and Kunal Mehta, that includes a photo of Malone Lam, is photographed Friday, Sept. 4, 2026. (AP Photo/Jon Elswick)
State leaders in Delaware's financial sector introduced Senate Bill 16, also known as the Delaware Banking Modernization Act, to update the state's banking system. The legislation aims to define digital assets, expand the state bank commissioner's authority, give regulators more oversight over banks, facilitate interstate banking operations, and enhance consumer protections.
The Delaware Department of Justice says that its Investor Protection Unit has issued a cease and desist to respondents linked to a cryptocurrency scam known as the "pig butchering scam."