South Florida Crypto Kingpin Pleads Guilty to $245M Theft Conspiracy
A South Florida cryptocurrency kingpin has pleaded guilty to participating in a massive $245 million theft conspiracy. Malone Lam, a 22-year-old Singapore citizen and Miami resident, admitted to being the ringleader of an international cybercrime network that targeted cryptocurrency holders through deception and online gaming.
The scheme, which began in October 2023 and continued until at least May 2025, involved members based in California, Connecticut, New York, Florida, and abroad. Lam allegedly organized the operation, identified victims, and coordinated the roles of other conspirators using aliases such as 'Anne Hathaway' and '$$$'.
The group used stolen cryptocurrency to fund a lavish lifestyle, including luxury watches worth over $500,000, exotic cars valued at up to $3.8 million, private jets, and luxury clothing. They also spent as much as $500,000 on nightclub services in a single evening and maintained a team of private security guards.
Lam was arrested in September 2025 at his rental home in Miami. U.S. Attorney Jeanine Pirro said investigators will continue to pursue those involved in the alleged cryptocurrency theft network.