Singaporean Man Pleads Guilty in $245M Cryptocurrency Scam
A Singaporean man, Malone Lam, has pleaded guilty to his role as leader of an international cryptocurrency scam that netted over $245 million.
The scheme began in October 2023 and continued through at least May 2025, involving individuals from various states including California, Connecticut, New York, Florida, and abroad.
Lam allegedly organized the operation, identifying victims and coordinating with other suspects to drain their cryptocurrency wallets using social engineering and home break-ins.
The stolen funds were used to purchase luxury items such as nightclub services, luxury bags, watches, clothing, rental homes, private jet rentals, a team of security guards, and exotic cars.
Lam was arrested in Miami on September 18, 2025, and is scheduled to appear for a sentencing hearing on December 8.