Singaporean National Malone Lam Pleads Guilty to Crypto Heist Racket
Singaporean national Malone Lam has pleaded guilty to participating in a racketeering conspiracy that netted over $245 million in cryptocurrency. The US Justice Department accused Lam of organizing an international operation, identifying prospective victims, and coordinating other conspirators.
Lam grew up in Singapore and dropped out of school during his teenage years to focus on cryptocurrency trading and online gaming communities. He moved to the US in October 2023 and lived in various locations, including Miami, Florida, Los Angeles, California, and the Hamptons, New York.
Prosecutors accused Lam and Jeandiel Serrano of fraudulently obtaining over 4,100 Bitcoin from a single victim on August 18, 2024. The attackers posed as Google support staff to compromise the victim's accounts and then impersonated Gemini support to persuade the victim to reset two-factor authentication.
Lam has pleaded guilty to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. A status hearing is scheduled for December 8, but no sentencing date has been announced. The group allegedly spent stolen funds on luxury items, including private jets, rental properties, watches, and exotic cars.