South Florida Man Pleads Guilty to $245M Cryptocurrency Theft Scheme
A South Florida man has pleaded guilty to participating in a $245 million cryptocurrency theft scheme. Malone Lam, a 22-year-old Singapore citizen and Miami resident, admitted to leading an international cybercrime network that targeted cryptocurrency holders through deception and online gaming.
Lam allegedly organized the operation, identified victims, and coordinated with other conspirators. 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.
The conspiracy began no later than October 2023 and continued through at least May 2025. Lam was arrested on September 18, 2025, at his rental home in Miami. The case is being investigated by the FBI and IRS Criminal Investigation.