Singaporean Pleads Guilty to $245M Crypto Heist Using Social Engineering Tactics
Malone Lam, a 22-year-old Singaporean and recent Miami resident, pleaded guilty to one count of RICO conspiracy for leading a gang that used social engineering tactics to steal over $245 million in cryptocurrency. The group targeted wealthy crypto holders, pretending to be trustworthy companies or organizations to obtain their personal data or access.
The largest theft occurred on August 18, 2024, when the offenders convinced a victim in Washington, D.C., to let them into Google Drive and provide security codes, draining over 4,100 Bitcoin (equivalent to $245 million) from the victim's wallet.
Lam's group used phone calls to trick victims into giving away their information before moving the stolen cryptocurrency. The operation also involved database hacking, target identification, fraudulent calls, laundering, and breaking and entering if remote fraud failed.
The money earned from their crimes was spent lavishly on luxury items, including renting private jets, chartering luxury villas, and purchasing fancy cars valued at $3.8 million. Lam has agreed to give away Ferraris, Rolls-Royces, Lamborghinis, and Mercedes-Benzes as victim compensation.