Singaporean Man Pleads Guilty to $245 Million Crypto Theft Scheme

A 22-year-old Singaporean man living in Miami has pleaded guilty to orchestrating a cryptocurrency scheme that stole over $245 million from victims. Malone Lam admitted his role as the ringleader during a hearing at a federal court in Washington, D.C., pleading guilty to one count of participating in a RICO conspiracy.

Lam and his co-conspirators used 'social engineering' and occasional home break-ins to obtain information that allowed them to access victims' cryptocurrency wallets and drain them of their funds. The scheme began in 2023 and continued through May 2025, with Lam using peel chains and pass-through wallet addresses to conceal ownership and obscure the location of stolen funds.

The stolen cryptocurrency funded a variety of luxury goods and services, including high-end watches, designer handbags, rental homes, private jet bookings, security guards, and exotic cars. The largest theft involved a resident of Washington, D.C., who was targeted in August 2024 and scammed out of almost $245.1 million.

Lam faces a maximum sentence of 20 years in prison if convicted on the federal racketeering conspiracy charge. He is among 18 defendants charged and marks the eleventh person to plead guilty in the case.