Crypto Scammer Malone Lam Pleads Guilty in $245M Theft Case
Singaporean national Malone Lam has pleaded guilty in US federal court to participating in a racketeering conspiracy that stole and laundered over $245 million in cryptocurrency.
The scheme, which relied on social engineering tactics and home break-ins, targeted victims through online connections. According to the DOJ, Lam organized the enterprise, identified prospective victims, and coordinated other conspirators.
Lam's guilty plea is significant because it ties him to a RICO (Racketeer Influenced and Corrupt Organizations) framework, which prosecutors use when arguing defendants participated in a continuing criminal enterprise. The operation was active from at least October 2023 through May 2025 and involved connections on online gaming platforms.