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

A South Florida man has pleaded guilty to participating in a $245 million cryptocurrency theft scheme. Malone Lam, 22, a Singapore citizen and Miami resident, was the ringleader of an international cybercrime network that targeted cryptocurrency holders through deception and online gaming.

The conspiracy began no later than October 2023 and continued through at least May 2025. 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, luxury clothing, handbags, and rental homes in Los Angeles, the Hamptons, and Miami.

Lam was arrested on September 18, 2025, at his rental home in Miami. U.S. Attorney Jeanine Pirro said investigators will continue pursuing people involved in the alleged cryptocurrency theft network.