Singaporean National Pleads Guilty to Crypto Theft Conspiracy
A 22-year-old Singaporean national has pleaded guilty to participating in an international cybercrime conspiracy tied to the theft of over $245 million in cryptocurrency.
Malone Lam, who had been living in Miami, entered a plea under the RICO Act, which targets organized crime, and is scheduled for sentencing on December 8, 2026.
The group's activity lasted from at least October 2023 to May 2025, during which time they used social engineering methods to gain access to victims' information, in some cases breaking into their homes.
The stolen funds were spent on luxury items, including watches priced up to $500,000, expensive clothing and bags, rented homes in Los Angeles, the Hamptons, and Miami, private jets, and personal security. A fleet of exotic cars was also purchased, ranging from $100,000 to $3.8 million.
Lam coordinated the group's operations and assigned roles among participants in the scheme, according to investigators.