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The trial of Malone Lam, a Singaporean accused of carrying out a cryptocurrency heist involving hundreds of millions of dollars, was delayed at the last minute on Monday (Oct 6).The postponement was due to the case being «superseded with 11 more defendaUS trial of Singaporean Malone Lam involved in alleged $340m crypto heist delayed
The trial of Malone Lam, a Singaporean accused of carrying out a cryptocurrency heist involving hundreds of millions of dollars, was delayed at the last minute on Monday (Oct 6).The postponement was due to the case being «superseded with 11 more defendants and an additional RICO conspiracy count», they told CNA.«We have a status conference at the end of October and we anticipate a trial date being set at that hearing,» a spokesperson said.Lam, 20, faces multiple charges which include wire fraud, money laundering and RICO conspiracy. His trial date was initially set for Oct 6.According to the US Department of Justice, RICO refers to the Racketeer Influenced and Corrupt Organisations Act. It is a law which was designed to target mafia bosses, reported The Economist.RICO conspiracy is a felony and the most serious charge Lam faces. It carries a maximum penalty of life imprisonment. Wire fraud and money laundering each carry up to 20 years' jail.Lam and 12 of his associates had formed a «Social Engineering Enterprise» in late 2023 via online gaming platforms, according to prosecutors. Read more