Cryptocrook ringleader, 22, who met crew on Minecraft admits role in $245M heist

Malone Lam, a 22-year-old Singaporean national residing in Miami, has pleaded guilty to his role in a massive cryptocurrency heist. Born in Singapore, he moved to Miami in 2023 after meeting two alleged members of the group through his online gaming pastime, Minecraft. Lam's responsibilities included selecting victims and providing social engineering assistance.

His main task was to gather databases of high-net-worth individuals who held cryptocurrency, triggering account access notifications to deceive victims into believing their accounts were under attack. He also assisted in laundering the stolen funds through exchanges with lax Know Your Customer (KYC) requirements. Other members of the group, including social engineers posing as representatives of major online platforms, would convince victims to surrender personal information and access codes.

Once access was gained, Lam's crew would seek cryptocurrency accounts, seed phrases, and passwords to steal the victims' assets. The heist involved victims losing between $800,000 and over $245 million, depending on the individual case. The crew allegedly had a lavish lifestyle, spending up to $500,000 on a single night out, purchasing luxury items, renting expensive properties, chartering private jets, and buying exotic cars.

Lam was apprehended in Miami at a rented property on September 18, 2024. The sentencing hearing has not yet been set, with a status hearing scheduled for December 8. US Attorney Jeanine Ferris Pirro emphasized the severity of the crime and the commitment to identifying and prosecuting those involved in such illicit activities.