Malone Lam Pleads Guilty in $245 Million Crypto Theft Scheme

Malone Lam, a 22‑year‑old Singapore citizen, pleaded guilty in Washington to heading an international crypto‑theft operation that stole and laundered more than $245 million. The admission marks a major development in a case that began with one of the largest known thefts from an individual Bitcoin holder.

Scope of the Operation

Prosecutors described a network active from at least October 2023 through May 2025, with participants in California, Connecticut, New York, Florida and overseas. The group used social‑engineering tactics—and in some instances home break‑ins—to obtain credentials needed to drain victims’ wallets.

Targeting and Methods

Lam, who operated under aliases such as “Anne Hathaway,” “$$$” and “King Greavy,” selected targets and coordinated roles across the enterprise. The conspirators posed as support representatives for companies like Google and Gemini to gain trust, then obtained remote access to victims’ computers, exposing private keys that controlled the Bitcoin.

Major Theft

The scheme’s most publicized theft involved more than 4,100 Bitcoin taken from a single Washington, D.C., victim on August 18 2024. At the time, the Bitcoin was valued at over $230 million. The Justice Department’s total figure of more than $245 million reflects additional crypto stolen and laundered across the broader operation.

Money Laundering and Spending

Stolen funds were routed through exchanges, mixing services, peel chains and pass‑through wallets, with virtual private networks used to mask participants’ identities. The laundered crypto was converted into luxury assets, including:

• Private‑jet rentals and homes in Los Angeles, the Hamptons and Miami
• Exotic cars valued up to $3.8 million
• Watches ranging from $100,000 to over $500,000
• Nightclub expenditures of up to $500,000 per evening and luxury handbags given at parties

Legal Proceedings

Lam was arrested in September 2025 at a rented home in Miami. His guilty plea to a single RICO conspiracy count admits participation in the broader scheme, while investigations into other alleged participants continue. U.S. District Judge Colleen Kollar‑Kotelly has scheduled a status hearing for December 8; sentencing has not yet been set.