Malone Lam pleads guilty in $245M crypto theft conspiracy

Singaporean national Malone Lam has pleaded guilty to a racketeering conspiracy that prosecutors say stole and laundered more than $245 million in cryptocurrency.

Guilty plea and charges

Lam pleaded before U.S. District Judge Colleen Kollar‑Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. The plea follows a two‑year investigation that originally charged Lam with the theft of over 4,100 Bitcoin from a Washington, D.C. resident.

Scope of the operation

According to the Justice Department, Lam organized an international network that identified victims, coordinated accomplices, and used social‑engineering tactics and home break‑ins to obtain crypto assets. The scheme operated from at least October 2023 through May 2025 and was linked to online gaming platforms.

Modus operandi

• Impersonating Google support to compromise victim accounts.
• posing as Gemini support to persuade victims to reset two‑factor authentication and share private keys via screen‑sharing software.
• Using crypto mixers, exchanges, pass‑through wallets and VPNs to launder proceeds.

Expanded indictment

A superseding indictment in May 2025 added 12 more defendants and expanded the alleged thefts to over $263 million, including a $14 million theft in July 2024 and a home break‑in targeting a hardware wallet.

Use of stolen funds

Prosecutors allege that the group spent the illicit proceeds on private jets, rental properties, luxury watches, at least 28 exotic cars, and nightclub expenses of up to $500,000 per night.