Cryptocurrency Scammers Use Social Engineering to Steal $245 Million
Malone Lam, a 22-year-old Singaporean national, has pleaded guilty to running an international cybercrime conspiracy that used social engineering to steal and launder over $245 million in cryptocurrency.
The scheme operated from October 2023 to at least May 2025, with Lam's network hacking and buying databases of cryptocurrency holders, then analysing the data to identify high-value targets. In some cases, members broke into victims' homes to seize hardware wallets.
Lam's enterprise worked as an organised business with a clear hierarchy and distinct roles, similar to Ukrainian scam call centres described in a 2026 Global Initiative Against Transnational Organized Crime study. Participants specialised in different domains, each executing a specific part of the operation.
Database hackers breached websites and servers, or bought stolen records on the dark web, to build lists of potential victims. Target identifiers then combed the lists for the wealthiest prospects, before callers made impersonation attempts with convincing stories.