South Florida Man Pleads Guilty to Leading $245M Crypto 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 one count of RICO conspiracy.
Lam was the alleged ringleader of an international cybercrime network that targeted cryptocurrency holders through deception, online gaming, and in some cases, home break-ins.
The scheme, which began no later than October 2023 and continued through at least May 2025, used stolen cryptocurrency to fund a lavish lifestyle. Investigators say the group spent over $500,000 on luxury watches, exotic cars valued as high as $3.8 million, private jets, and rented homes in Los Angeles, the Hamptons, and Miami.
The group also allegedly spent up to $500,000 on nightclub services in a single evening and maintained a team of private security guards.