Singaporean Malone Lam, 22, pleaded guilty in a US federal court on Tuesday, 8 September, over his role in a cryptocurrency theft operation that took more than US$260 million from multiple victims.
Lam admitted to one count of participating in a Racketeer Influenced and Corrupt Organizations, or RICO, conspiracy before US District Judge Colleen Kollar-Kotelly in Washington, DC.
RICO is a US law used to prosecute people involved in an organised criminal enterprise. Lam faces a maximum prison term of 20 years.
Lam Admitted Organising Social Engineering Attacks
US prosecutors said the criminal enterprise began no later than October 2023 and continued until at least May 2025. It developed from connections made through online gaming platforms and involved people in several US states as well as overseas.
Lam, who also used online aliases including “Anne Hathaway”, “$$$” and “King Greavy”, organised social engineering operations, selected targets and coordinated other participants, according to the US Department of Justice.
Social engineering involves manipulating a person into revealing information or taking actions that compromise their security.
The group targeted people with substantial cryptocurrency holdings. Members impersonated staff from trusted companies, including Google, and persuaded victims to hand over information such as passwords and authentication codes, allowing the conspirators to access cryptocurrency wallets.
Prosecutors also said the wider enterprise sometimes relied on home break-ins to obtain information needed to access victims’ cryptocurrency.
More Than 4,100 Bitcoin Taken From One Victim
One of the largest thefts happened in August 2024.
Lam and his co-conspirators obtained more than 4,100 bitcoin from a victim in Washington, DC. Contemporary court filings have placed the cryptocurrency’s value at roughly US$230 million to US$245 million, with later filings using higher valuations depending on the date used.
That single theft formed part of a broader racketeering case. A May 2025 superseding indictment said the enterprise had obtained more than US$263 million in cryptocurrency overall.
Lam was arrested in Miami on 18 September 2024, about a month after the Washington theft. The original US Justice Department announcement the following day charged him and Jeandiel Serrano with conspiring to steal and launder more than US$230 million in cryptocurrency.
Stolen Crypto Funded Luxury Cars, Private Jets and Nightclubs
According to US prosecutors, members of the operation spent the proceeds on luxury watches and clothing, rental homes in places including Miami and Los Angeles, private jets, private security and expensive cars.
The Justice Department said cars associated with the spending ranged in value from US$100,000 to US$3.8 million, while nightclub spending could reach hundreds of thousands of dollars in a single evening.
CNA reported from Lam’s plea hearing that he had spent US$569,000 on one occasion at a Los Angeles nightclub.
Eighteen defendants have been charged in the wider case, and Lam became the 11th to plead guilty.
According to CNA’s court report, when Judge Kollar-Kotelly asked for his plea, Lam sighed before telling the court: “I plead guilty, Your Honour.”
Lam is due back in court on 8 December for a status hearing, after which a sentencing date is expected to be set.
