Singaporean Malone Lam Pleads Guilty to Crypto Theft Ring Involving Over $260 Million
Singaporean Malone Lam, 22, has pleaded guilty in a US federal court for his role in a massive cryptocurrency theft operation that swindled over $260 million from victims.
Lam admitted to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy before US District Judge Colleen Kollar-Kotelly in Washington, DC. The maximum prison term for this charge is 20 years.
The operation, which began no later than October 2023 and continued until at least May 2025, targeted individuals with substantial cryptocurrency holdings through social engineering attacks. Lam organised these operations, selected targets, and coordinated other participants, often impersonating staff from trusted companies like Google to gain victims' trust.
The group's activities included home break-ins to obtain information needed to access victims' cryptocurrency wallets. One of the largest thefts happened in August 2024, where Lam and his co-conspirators obtained over 4,100 Bitcoin (worth $230-245 million at the time) from a victim in Washington, DC.
The stolen funds were used to purchase luxury items such as private jets, expensive cars, and lavish club nights. Lam spent $569,000 on one occasion at a Los Angeles nightclub. Eighteen defendants have been charged in the wider case, with Lam being the 11th to plead guilty.