Singaporean National Pleads Guilty to $245 Million Crypto Heist

A 22-year-old Singaporean national, Malone Lam, has pleaded guilty to a federal racketeering conspiracy charge for his role in one of the largest crypto thefts in US history. In August 2024, Lam and his crew targeted a wealthy cryptocurrency investor with sophisticated social engineering, tricking them into handing over their security verification codes. The thieves siphoned out approximately 4,100 Bitcoin, valued at $245 million at the time.

Lam's crew used online gaming platforms to form an organized network of young cybercriminals. They contacted the victim, posing as official representatives from Google and the Gemini cryptocurrency exchange, falsely claiming the victim's Google Drive had been compromised in a hacking attempt. Once inside, they stole the Bitcoin, which was then laundered.

After stealing nearly $245 million, Lam went on an extravagant spending spree in Miami, purchasing over 30 ultra-luxury vehicles and blowing through $500,000 to $569,000 per evening on VIP nightclub services. He also bought a $2 million luxury watch, private jets, and rented mansions in Miami.

Lam is currently awaiting a December 2026 status hearing and faces a maximum statutory penalty of 20 years in federal prison and potential deportation. As part of his plea deal, the U.S. government has seized the remnants of his extravagant lifestyle, forcing Lam to formally forfeit 28 of his exotic luxury cars to help pay restitution to the victim.