A U.S. prosecutor has accused 20-year-old Singaporean Malone Lam of stealing $245 million in encryption assets and lavishly spending it.

BlockBeats News: On May 16, federal prosecutors in Washington, D.C., charged 13 men with allegedly orchestrating a broad conspiracy to identify victims holding large amounts of cryptocurrency, steal those assets, and then launder the proceeds, CNBC reported. According to an alternative indictment obtained by CNBC on Thursday, the victim's cryptocurrency in this case was stolen, worth more than $265 million. The gang of 13 includes Americans and foreigners who splurged on stealing crypto assets, including spending $9 million on luxury cars, $4 million on nightclubs, and multiple rental properties. One of the defendants is Malone Lam, a 20-year-old Singaporean, who was previously arrested and charged in connection with one of the largest thefts that stole about $245 million worth of Bitcoin from a man in Washington, D.C., in mid-August. The indictment alleges that Lam used the money to buy more than 30 luxury cars, including a Ferrari, a Lamborghini, a Mercedes G station wagon, a Rolls-Royce, a McLaren and a Pagani. He is also suspected of having purchased a watch worth $2 million.