Crypto Kingpin Pleads Guilty in $245M Theft Scheme
A South Florida man at the center of a $245 million cryptocurrency theft scheme has pleaded guilty to participating in a RICO conspiracy.
Malone Lam, 22, a Singapore citizen and Miami resident, admitted to his role in an international cybercrime network that targeted cryptocurrency holders through deception, online gaming, and home break-ins.
The operation, which began no later than October 2023 and continued through at least May 2025, was used to fund a lavish lifestyle, including luxury watches worth more than $500,000, exotic cars valued as high as $3.8 million, private jets, and rental homes in Los Angeles, the Hamptons, and Miami.
Lam allegedly organized the operation, identified victims, and coordinated the roles of other conspirators, using stolen cryptocurrency to fund their lifestyle.