$245 Million in Stolen Crypto Funded Lavish Lifestyle of Racketeering Crew
A cybercrime empire built on stolen cryptocurrency has been dismantled by US authorities. Malone Lam, a 22-year-old Singaporean citizen, pleaded guilty in Washington D.C. federal court to running a racketeering conspiracy that stole and laundered over $245 million in cryptocurrency.
The operation, which began no later than October 2023 and continued through May 2025, involved connections made on online gaming platforms. Lam used aliases such as 'Anne Hathaway,' '$$$,' and 'King Greavy' to organize the scheme, pick out targets, and direct the roles of others involved.
The group's main tool was social engineering, tricking victims into handing over information needed to access their crypto wallets. In some cases, members resorted to breaking into victims' homes to get what they needed.