A 22-year-old Singaporean man has pleaded guilty to leading an international cybercrime operation that stole and laundered more than $245 million in cryptocurrency through social engineering and other tactics.
Malone Lam, a Singapore citizen who recently lived in Miami, pleaded guilty on Sept. 8 in Washington, D.C., to one count of participating in a conspiracy under the Racketeer Influenced and Corrupt Organizations Act, according to the U.S. Department of Justice.
Prosecutors say Lam organized the operation, identified cryptocurrency holders to target and coordinated conspirators who deceived victims into giving them access to digital assets. The stolen funds financed an extravagant lifestyle that included multimillion-dollar cars, private jets and nightclub spending of up to $500,000 in a single evening.
Key Takeaways
- Malone Lam, 22, pleaded guilty to participating in a RICO conspiracy involving more than $245 million in stolen and laundered cryptocurrency.
- Prosecutors say the international group primarily used social engineering, although some members also carried out home break-ins.
- Lam allegedly identified victims and coordinated different members of the operation.
- Stolen funds were spent on luxury cars, watches, homes, private jets, security guards and expensive nightclub parties.
- Lam faces up to 20 years in prison, with a status hearing scheduled for Dec. 8.
Prosecutors Say Lam Organized an International Network
According to court documents, the criminal enterprise began no later than October 2023 and continued through at least May 2025. Members were based across California, Connecticut, New York, Florida and outside the United States. Several of the conspirators initially connected through online gaming platforms.
Lam, who used aliases including “Anne Hathaway,” “$$$” and “King Greavy,” was identified by prosecutors as an organizer of the operation. His role included selecting potential victims and coordinating the responsibilities of other members. The network used social engineering to convince cryptocurrency holders to disclose information or take actions that compromised their accounts. Prosecutors said some members also broke into victims’ homes to obtain information or hardware wallets that could provide access to cryptocurrency.
The case highlights how large cryptocurrency thefts do not necessarily require compromising a blockchain itself. Instead, the conspirators targeted the people controlling the assets and the credentials protecting their wallets.
One Victim Lost More Than $245 Million
One of the most significant thefts involved a Washington, D.C., resident who was deceived into downloading software that gave Lam and other conspirators access to the victim’s computer.
According to prosecutors, the group ultimately stole more than $245 million in cryptocurrency from that victim.
The organization also targeted other cryptocurrency holders, with individual losses ranging from hundreds of thousands to millions of dollars.
U.S. Attorney Jeanine Ferris Pirro described the operation as an international network built around deception and theft.
“If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable.”
Lam was arrested at his rental home in Miami on Sept. 18, 2025.
Stolen Crypto Funded a Lavish Spending Spree
Prosecutors say members of the enterprise spent substantial amounts of the stolen cryptocurrency on luxury purchases and entertainment. Nightclub services reportedly cost as much as $500,000 per evening. The group also purchased watches valued from $100,000 to more than $500,000 and luxury handbags worth tens of thousands of dollars, some of which were given away during nightclub parties.
Their spending extended to luxury clothing, rental properties in Los Angeles, Miami and the Hamptons, private jet travel and private security guards. The group also accumulated a fleet of exotic vehicles valued between $100,000 and $3.8 million each. Other defendants have already faced prison sentences. Evan Tangeman was sentenced to 70 months in April after pleading guilty to laundering proceeds from the operation. Another co-defendant, Marlon Ferro, received a 78-month prison sentence and was ordered to pay $2.5 million in restitution.
Lam Faces Up to 20 Years in Prison
Lam pleaded guilty before U.S. District Judge Colleen Kollar-Kotelly to one count of participating in a RICO conspiracy. The charge carries a maximum prison sentence of 20 years. The court has scheduled a status hearing for Dec. 8, although the Justice Department’s announcement did not provide a final sentencing date.
The investigation involved the FBI, IRS Criminal Investigation and the U.S. Attorney’s Office for the District of Columbia, with additional support from federal law enforcement offices in several states.
Conclusion
Lam’s guilty plea marks a major development in the prosecution of an international operation responsible for more than $245 million in cryptocurrency theft and laundering.
Rather than attacking blockchain infrastructure directly, prosecutors say the group relied heavily on social engineering, stolen information and, in some cases, physical break-ins to gain control of victims’ assets.
Lam now faces up to two decades in federal prison as authorities continue pursuing other participants connected to the scheme.
