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

A South Florida man has pleaded guilty to his role in a $245 million cryptocurrency theft scheme. Malone Lam, a 22-year-old Singapore citizen and Miami resident, admitted to participating in a RICO conspiracy.

Lam was the ringleader of an international cybercrime network that targeted cryptocurrency holders through deception, online gaming, and in some cases, home break-ins. The group used stolen cryptocurrency to fund a lavish lifestyle, including luxury watches worth more than $500,000, exotic cars valued as high as $3.8 million, private jets, and luxury clothing.

The conspiracy began no later than October 2023 and continued through at least May 2025. Lam was arrested on September 18, 2025, at his rental home in Miami. U.S. Attorney Jeanine Pirro stated that investigators will continue pursuing people involved in the alleged cryptocurrency theft network.