Singaporean National Pleads Guilty in $245M Crypto Theft Conspiracy
A Singaporean national named Malone Lam has pleaded guilty to participating in a racketeering conspiracy that involved stealing and laundering over $245 million in cryptocurrency. The operation, which was formed through connections on online gaming platforms, used social engineering and home break-ins to target its victims.
According to court documents, the enterprise operated from at least October 2023 through May 2025, during which time Lam organized the international operation, identified prospective victims, and coordinated other conspirators. The group's members allegedly spent stolen funds on luxury items, including private jets, rental properties, watches, and exotic cars.
Lam pleaded guilty to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy before US District Judge Colleen Kollar-Kotelly. The judge scheduled a status hearing for December 8, but the Justice Department did not announce a sentencing date.