Singaporean Man Pleads Guilty to Cryptocurrency Theft in the US

Malone Lam, 22, pleaded guilty on Tuesday to a racketeering conspiracy charge in the United States for orchestrating a significant cryptocurrency theft. Lam admitted to collaborating with friends to steal $245 million (£181 million) worth of bitcoin and laundering the proceeds. According to the US Department of Justice (DOJ), Lam and his associates spent up to $500,000 per visit at nightclubs and purchased a fleet of exotic cars valued between $100,000 and $3.8 million. Lam faces a maximum prison sentence of 20 years, although US District Judge Colleen Kollar-Kotelly has not yet scheduled a sentencing hearing. US Attorney Jeanine Pirro stated, "If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable." She described Lam as the leader of an international network that deceived victims, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency. Court documents indicate that the conspiracy began no later than October 2023 and continued until at least May 2025. The co-conspirators, who were from various locations including California, Connecticut, New York, and Florida, met through online gaming platforms. The DOJ reported that Lam, who also used the aliases Anne Hathaway, $$$, and King Greavy, was the ringleader who identified victims and coordinated the roles of the conspirators. They deceived individuals into providing confidential information and occasionally conducted home break-ins to access details that allowed them to drain cryptocurrency wallets. The stolen cryptocurrency was also used to purchase Hermes Birkin handbags, which were valued in the tens of thousands of dollars and thrown into crowds at nightclub events. Other expenditures included high-end watches worth up to $500,000, luxury clothing, rental homes in Los Angeles, the Hamptons, and Miami, private jet rentals, and a team of private security guards.