South Florida Man Pleads Guilty to $245M Crypto Theft Scheme
A South Florida man has pleaded guilty to participating in a $245 million cryptocurrency theft scheme that prosecutors say fueled a life of luxury.
Malone Lam, a 22-year-old Singapore citizen and Miami resident, entered his plea in a U.S. District Court in Washington, D.C., on Wednesday to one count of participating in a RICO conspiracy.
Lam allegedly organized the operation, identified victims, and coordinated with other conspirators based in various locations, including California, Connecticut, New York, Florida, and abroad.
The group targeted cryptocurrency holders through deception, online gaming, and sometimes home break-ins, prosecutors say. They used stolen funds to buy luxury items like watches worth over $500,000, exotic cars valued as high as $3.8 million, private jets, clothing, handbags, and rental homes in Los Angeles, the Hamptons, and Miami.
U.S. Attorney Jeanine Pirro stated that investigators will continue pursuing those involved in the alleged cryptocurrency theft network: 'This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency.'