Singaporean National Pleads Guilty to $245M Crypto Theft Conspiracy

Malone Lam, a Singaporean national, has pleaded guilty in US federal court to participating in a racketeering conspiracy that stole and laundered more than $245 million in cryptocurrency. The US Department of Justice said Lam helped build and run an international operation that included selecting targets and coordinating co-conspirators.

Prosecutors allege the enterprise operated from at least October 2023 through May 2025, according to court documents unsealed by the DOJ. Lam entered the plea before US District Judge Colleen Kollar-Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy.

The case centers on a hybrid approach that combined online access and manipulation with physical intimidation or intrusion, including home break-ins aimed at compromising crypto holdings. Prosecutors described how the enterprise was formed through connections on online gaming platforms.