Singaporean National Pleads Guilty in $245M Cryptocurrency Theft Scheme

Malone Lam, a Singaporean national, has pleaded guilty to participating in a racketeering conspiracy that US prosecutors say used social engineering tactics and home break-ins to steal and launder more than $245 million in cryptocurrency. According to court documents, Lam organized the international network, identified potential victims and coordinated other members of the operation, which ran from at least October 2023 through May 2025.

Scheme Began With Impersonation Tactics

The case originated from the theft of more than 4,100 Bitcoin from a Washington, DC resident in August 2024. Prosecutors said the attackers posed as tech support staff to compromise the victim’s accounts, then used social engineering to bypass security measures and access private keys. Lam and a co-defendant were arrested weeks later, with prosecutors alleging the stolen funds were laundered through crypto mixers and multiple wallets.

Case Expanded to Include Dozen Additional Defendants

A later superseding indictment added 12 more defendants and expanded the scope to over $263 million in alleged thefts, including a separate incident and a home break-in targeting a hardware wallet. Prosecutors said members of the group spent stolen funds on private jets, luxury vehicles, watches and expensive nightclub outings, with Lam allegedly continuing to direct activities even from pretrial detention.