News Summary

• Malone Lam admitted to teaming up with friends to steal $245m of bitcoin and laundering the proceeds.
• The 22-year-old and his associates used the money to spend up to $500,000 per evening at nightclubs, according to the US Department of Justice.
• They bought a fleet of exotic cars, ranging in value from $100,000 to $3.8m, the DOJ said.
• Lam told investigators in the US that he had dropped out of secondary school in Singapore when he was 14.