South Florida Crypto Kingpin Pleads Guilty to $245M Theft Scheme
A South Florida man accused of leading an international cybercrime network that stole hundreds of millions of dollars in cryptocurrency has pleaded guilty to participating in a RICO conspiracy.
Malone Lam, 22, a Singapore citizen and Miami resident, admitted to his role in the scheme on Wednesday in a U.S. District Court in Washington, D.C.,
The operation, which began no later than October 2023 and continued through at least May 2025, targeted cryptocurrency holders through deception, online gaming, and in some cases, home break-ins.
Lam allegedly organized the operation, identified victims, and coordinated the roles of other conspirators, using stolen cryptocurrency to fund a lavish lifestyle that included luxury watches worth more than $500,000, exotic cars valued as high as $3.8 million, private jets, luxury clothing, handbags, and rental homes in Los Angeles, the Hamptons, and Miami.
The group also allegedly spent as much as $500,000 on nightclub services in a single evening and maintained a team of private security guards.