Crypto Kingpin Pleads Guilty to $245M Theft Scheme
A South Florida man has pleaded guilty to his role in a massive cryptocurrency theft scheme that netted $245 million. Malone Lam, a 22-year-old Singapore citizen and Miami resident, admitted to participating in a RICO conspiracy in a US District Court in Washington, D.C.
Lam was the alleged ringleader of an international cybercrime network that targeted cryptocurrency holders through deception, online gaming, and in some cases, home break-ins. The scheme began as early as October 2023 and continued until at least May 2025, according to court documents.
The group used stolen cryptocurrency to fund a lavish lifestyle, including luxury watches worth over $500,000, exotic cars valued up to $3.8 million, private jets, luxury clothing, handbags, and rental homes in Los Angeles, the Hamptons, and Miami.
Lam was arrested on September 18, 2025, at his rental home in Miami. US Attorney Jeanine Pirro said investigators will continue to pursue those involved in the alleged cryptocurrency theft network: 'This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency.'