South Florida Man Pleads Guilty in $245M Crypto Theft Scheme

A South Florida man has pleaded guilty to leading an international cryptocurrency theft scheme that netted over $245 million. Malone Lam, 22, a Singapore citizen and Miami resident, admitted to participating in a RICO conspiracy in a US District Court in Washington D.C.

The operation allegedly targeted cryptocurrency holders through deception, online gaming, and in some cases, home break-ins. Prosecutors say the group used stolen funds to fund a lavish lifestyle, including luxury watches worth over $500,000, exotic cars valued as high as $3.8 million, private jets, and rental homes in Los Angeles, the Hamptons, and Miami.

Lam was arrested at his rental home in Miami on September 18, 2025. The case is being investigated by the FBI and IRS Criminal Investigation, with support from federal investigators in Miami, Los Angeles, and elsewhere.