Singaporean Ringleader Pleads Guilty to $245M Crypto Theft Conspiracy

Singaporean national Malone Lam has pleaded guilty to participating in a racketeering conspiracy that US prosecutors say used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency.

The operation, which was formed through connections on online gaming platforms, operated from at least October 2023 through May 2025. Lam organized the international effort, identified potential victims, and coordinated other conspirators.

Initially, prosecutors accused Lam and Jeandiel Serrano of fraudulently obtaining more than 4,100 Bitcoin from a single victim in August 2024. The attackers posed as Google support staff to compromise the victim's accounts before impersonating Gemini support to persuade the victim to reset two-factor authentication.

Lam and his associates allegedly laundered the proceeds through crypto mixers, exchanges, pass-through wallets, and virtual private networks. They spent stolen funds on luxury items, including private jets, rental properties, watches, and at least 28 exotic cars, while nightclub bills reached $500,000 per evening.