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. Malone Lam, 22, a Singapore citizen and Miami resident, admitted to his role in the operation in a US District Court in Washington D.C.
Lam was the ringleader of an international cybercrime network that targeted cryptocurrency holders through deception and online gaming, according to prosecutors. The group used stolen cryptocurrency 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. U.S. Attorney Jeanine Pirro said investigators will continue pursuing people 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.'
Lam's sentencing has not yet been scheduled, with a status hearing set for December 8, 2026.