Singaporean National Pleads Guilty to $245M Crypto Theft Conspiracy
Singaporean national Malone Lam has pleaded guilty to participating in a racketeering conspiracy that stole and laundered over $245 million in cryptocurrency. The US Department of Justice alleges that Lam was involved in an international operation that targeted victims through online connections, using social engineering tactics and home break-ins.
Prosecutors claim that Lam organized the enterprise, identified prospective victims, and coordinated other conspirators. The operation is believed to have been active from at least October 2023 until May 2025, with victims linked via online gaming platform connections. The government did not announce a sentencing date.
Lam's guilty plea shifts the case from a single theft allegation to an alleged broader criminal enterprise. Prosecutors describe a workflow combining social engineering with account takeover and laundering proceeds through multiple crypto services. The operation is also believed to have included physical intrusion, with prosecutors alleging that members of the group spent stolen funds on high-end purchases.