Singaporean Crypto Thief Pleads Guilty to Stealing Over $260 Million
Singaporean Malone Lam has pleaded guilty to leading a cryptocurrency theft ring that stole more than US$260 million from victims across the United States. According to prosecutors, Lam organised a sophisticated 'social engineering' operation that targeted individuals with large cryptocurrency holdings.
Lam and his co-conspirators impersonated employees of trusted companies, including Google, to persuade victims to disclose passwords, seed phrases, and authentication codes that unlocked their digital wallets. They then used these stolen credentials to direct the group's attacks, which resulted in one of the largest thefts occurring in August 2024.
Prosecutor Christopher Howland told the court that Lam 'played multiple roles' in the scheme, which is considered the first bitcoin-related case brought under the Racketeer Influenced and Corrupt Organizations (RICO) Act. Lam faces a maximum sentence of 20 years in prison for his role in the conspiracy.
The group's largest theft occurred when Lam and his associates accessed a victim's wallet and obtained more than 4,100 Bitcoin valued at about US$230 million at the time. Authorities arrested Lam weeks later after his spending on luxury cars, private jets, security guards, and high-end rental properties drew attention.