$245 Million Cryptocurrency Scam Unfolds as Singaporean Man Pleads Guilty
A Singaporean man has pleaded guilty to leading an international cryptocurrency scam that netted over $245 million. Malone Lam, 22, a citizen of Singapore and resident of Miami, Florida, used social engineering tactics to steal and launder cryptocurrency from his victims.
The scheme began in October 2023 and continued through at least May 2025, with connections made on online gaming platforms. Lam allegedly organized the operation, identified targets, and coordinated the roles of other suspects.
Court documents show that the RICO conspiracy used social engineering and home break-ins to gain information necessary for draining victims' cryptocurrency wallets. The stolen funds were then used to purchase luxury items such as nightclub services, private jet rentals, exotic cars, and rental properties.