Crypto Kingpin Pleads Guilty in $245M Theft Scheme

A South Florida man has pleaded guilty to participating in a $245 million cryptocurrency theft scheme. Malone Lam, 22, a Singapore citizen and Miami resident, admitted to one count of participating in a RICO conspiracy.

Prosecutors say Lam was the ringleader of an international cybercrime network that targeted cryptocurrency holders through deception, online gaming, and in some cases, home break-ins. The operation began no later than October 2023 and continued through at least May 2025.

Lam allegedly organized the scheme, identified victims, and coordinated the roles of other conspirators. He used various aliases, including 'Anne Hathaway,' '$$$,' and 'King Greavy.'

The group used stolen cryptocurrency 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 luxury clothing.