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 one count of participating in a RICO conspiracy.
Prosecutors say 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 over $500,000, exotic cars valued at up to $3.8 million, private jets, and luxury clothing and handbags.
The conspiracy began no later than October 2023 and continued through at least May 2025, according to court documents. Lam was arrested on September 18, 2025, at his rental home in Miami.