Singaporean Pleads Guilty to Leading $245 Million Cryptocurrency Heist

A Singaporean man has pleaded guilty to leading an international cybercrime conspiracy that stole and laundered cryptocurrency worth over $245 million. Malone Lam, 22, was arrested in Miami on September 18, 2025, and pleaded guilty to participating in a RICO conspiracy.

The scheme used social engineering tactics to obtain information from victims' cryptocurrency wallets, which were then drained of their funds. The conspirators also used home break-ins to gain access to the wallets. Lam organized the operation and coordinated the roles of the different conspirators.

The stolen cryptocurrency was used to purchase luxury items such as private jets, exotic cars, luxury handbags, and high-end clothing. The conspirators spent millions on nightclub services, renting homes in Los Angeles, the Hamptons, and Miami, and hiring a team of private security guards.