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

A high-profile cryptocurrency theft case in South Florida has taken a significant turn as Malone Lam, 22, pleaded guilty to participating in a RICO conspiracy.

Lam, a Singapore citizen and Miami resident, was accused of leading an international cybercrime network that targeted cryptocurrency holders through deception, online gaming, and even home break-ins.

The operation, which began no later than October 2023 and continued through at least May 2025, involved members based in California, Connecticut, New York, Florida, and abroad, according to court documents.

Lam allegedly organized the scheme, identified victims, and coordinated the roles of other conspirators, using stolen cryptocurrency to fund a lavish lifestyle.