Singaporean crypto ringleader admits role in $245m theft
Malone Lam, a 22-year-old Singapore citizen and former Miami resident, has pleaded guilty in Washington to leading an international cybercrime enterprise that stole and laundered cryptocurrency worth more than $245 million. Lam admitted one count of participating in a racketeering conspiracy before US District Judge Colleen Kollar-Kotelly on Tuesday, September 8. Prosecutors said he organised a…
Malone Lam, a 22-year-old Singaporean citizen, has admitted to orchestrating an international cryptocurrency theft that amounted to over $245 million. On Tuesday, September 8, Lam pleaded guilty in a US District Court to his involvement in a racketeering conspiracy. Prosecutors claim Lam led a criminal network that targeted crypto holders using various tactics, including social engineering, online intrusions, and home break-ins.
The operation spanned from October 2023 to May 2025 and involved participants in the US and overseas. Lam, who used multiple online aliases, was responsible for identifying targets and coordinating the actions of his associates. One of the group's biggest heists occurred in August 2024, where they obtained more than 4,100 bitcoin from a victim in Washington.
Authorities allege that the group impersonated representatives from trusted companies like Google and Gemini, tricking the victim into providing sensitive information. This enabled them to gain control of the victim's cryptocurrency holdings and transfer over $245 million worth of bitcoin. Lam faces up to 20 years in prison for his role in this crime.
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