SINGAPORE, Nov 19 — Singaporean Malone Lam, accused of masterminding a US$260 million (RM1.08 million) cryptocurrency fraud ring, has been offered a fresh plea deal by US prosecutors as his case moves through the federal courts.

CNA reported that Lam’s lawyer, John Patrick Pierce, confirmed that the government had extended a new plea offer the previous evening, which Lam is still weighing against the option of going to trial.

Pierce highlighted the extraordinary volume of electronic evidence produced by the government, prompting the court to approve Lam’s access to a computer for discovery review. 

The device, restricted to the Alexandria County Jail library and without internet access, will allow Lam to examine the materials that could influence his decision on whether to accept the plea deal.

Prosecutors allege Lam was the ringleader of a sophisticated scheme that tricked victims into surrendering passwords and account details, enabling the theft of virtual assets later converted into cash. 

The funds were allegedly spent on luxury cars, jewellery, handbags, private jets, and upscale property rentals.

Co-conspirators include Kunal Mehta, who pleaded guilty to money laundering and RICO conspiracy on Monday, and Ethan Yarally, accused of posing as a “security technician” for major email providers to dupe victims. 

Yarally’s lawyer indicated his case may also be resolved without trial.

Both Lam and Yarally are scheduled to return to court on December 17.