Malone Lam, 22, is accused of organising a group of friends to steal cryptocurrency
A Singaporean man pleaded guilty on Tuesday to a racketeering conspiracy charge in the US for organising one of the biggest ever cryptocurrency thefts.
Malone Lam admitted to teaming up with friends to steal $245m (£181m) of bitcoin and laundering the proceeds.
The 22-year-old and his associates used the money to spend up to $500,000 a visit to nightclubs, according to the US Department of Justice (DOJ). It also said they bought a fleet of exotic cars, ranging in value from $100,000 to $3.8m.
Lam faces a maximum prison sentence of 20 years. US District Judge Colleen Kollar-Kotelly did not immediately schedule a sentencing hearing for him.