Singaporean Pleads Guilty in $260 Million Cryptocurrency Theft Ring Case

Singaporean Malone Lam, 22, has pleaded guilty to leading a cryptocurrency theft ring that stole more than $260 million from multiple victims. The case is believed to be the first bitcoin-related RICO prosecution by the US Department of Justice.

Lam, who dropped out of school at 13, used his knowledge of software and technology to obtain breached databases containing cryptocurrency information and lists of high-net-worth individuals. He then triggered 'account access attempt' push notifications on targets' devices, making them believe someone was trying to break in.

The group's largest haul came in August 2024, when they obtained over 4,100 bitcoin from a victim in Washington DC. Lam and his co-conspirators impersonated the security team at Gemini, a virtual currency exchange, and persuaded the victim to hand over private keys to part of their holdings.