Singaporean Ringleader Pleads Guilty in $245 Million Cryptocurrency Heist

Singaporean Malone Lam, 22, has pleaded guilty in Washington D.C. to his role as ringleader of an international cybercrime conspiracy that used social engineering to steal and launder over $245 million in cryptocurrency.

The scheme, which began no later than October 2023 and continued through at least May 2025, involved individuals based in California, Connecticut, New York, Florida, and abroad. Lam organized the operation, identified target victims, and coordinated the roles of the different conspirators.

The RICO conspiracy used social engineering and occasional home break-ins to obtain information that allowed the conspirators to drain their victims' cryptocurrency wallets.