A Singaporean national has pleaded guilty to participating in a racketeering conspiracy. US prosecutors said that Malone Lam, 22, used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency.
The plea establishes criminal responsibility almost two years after Lam was charged over the theft of more than 4,100 Bitcoin, worth over $230 at the time, from a Washington, DC resident.
Who is Malone Lam?
Lam grew up in Singapore and attended Unity Secondary School in Choa Chu Kang in 2017. He dropped out of school during his teenage years and became involved in cryptocurrency trading and online gaming communities, including Minecraft and Discord.
Also Read | Who is Patrick Yaroch? 5 things to know about FBI agent arrested for stealing $1 million crypto during probe
He moved to the US in October 2023, and lived in Miami, Florida, Los Angeles, California, and the Hamptons, New York. He entered the US via the Visa Waiver Program, which had expired by 2024.
What is Malone Lam accused of?
{{/usCountry}}He moved to the US in October 2023, and lived in Miami, Florida, Los Angeles, California, and the Hamptons, New York. He entered the US via the Visa Waiver Program, which had expired by 2024.
What is Malone Lam accused of?
{{/usCountry}}The US Justice Department said on Tuesday, September 8, that Lam organized the international operation, identified prospective victims and coordinated other conspirators. The enterprise, which was formed through connections on online gaming platforms, operated from no later than October 2023 through at least May 2025, according to court documents, per TradingView.
Lam has pleaded guilty before US District Judge Colleen Kollar-Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. A status hearing has been scheduled for December 8. However, the Justice Department has yet to announce a sentencing date.
Prosecutors initially accused Lam and Jeandiel Serrano of fraudulently obtaining more than 4,100 Bitcoin from a single victim on August 18, 2024. Blockchain investigator ZachXBT identified the victim the same year as a Genesis creditor.
Also Read | Why is Barron Trump being accused of ‘insider trading’? Crypto short around China tariff decision sparks row
The attackers are accused of posing as Google support staff to compromise the victim’s accounts. They then allegedly impersonated Gemini support to persuade the victim to reset two-factor authentication and use screen-sharing software that exposed private keys.
Both Lam and Serrano were arrested on September 18, 2024. Their indictment was unsealed by prosecutors the following day. Prosecutors accused the duo of laundering the proceeds through crypto mixers, exchanges, pass-through wallets and virtual private networks.
Prosecutors announced a superseding indictment on May 15, 2025, charging 12 additional defendants and expanding the case into an alleged RICO conspiracy involving over $263 million in crypto thefts. This also included a separate $14 million theft in July 2024, as well as an alleged home break-in targeting a hardware wallet.
Prosecutors accused Lam of continuing to direct associates from pretrial detention. He allegedly even arranged delivery of luxury items to his girlfriend.
The members of the group have been accused of spending stolen funds on private jets, rental properties, watches and at least 28 exotic cars. Nightclub bills reached as much as $500,000 per evening.