Daily News 19

Tag: Malone Lam

  • Ringleader of $245M Crypto Theft Pleads Guilty

    Ringleader of $245M Crypto Theft Pleads Guilty

    Malone Lam, a 22-year-old Miami resident originally from Singapore, pleaded guilty Tuesday to orchestrating one of the largest Bitcoin thefts in history. Lam admitted to serving as the ringleader of an international cybercrime group that stole 4,100 bitcoins — valued at over $230 million at the time of the theft — to finance an extravagant lifestyle.

    Multi-Year Scheme Targeted Crypto Holders

    According to the U.S. Department of Justice, the criminal conspiracy operated from October 2023 through at least May 2025. Lam and his co-conspirators hacked databases to obtain cryptocurrency users’ personal information, then used social engineering tactics to trick victims into surrendering login credentials and private keys. The total haul across Bitcoin and other cryptocurrencies reached $245 million.

    In one brazen incident detailed by prosecutors, a co-defendant physically broke into a residence in New Mexico to steal a hardware wallet while Lam tracked the victim’s movements by compromising their iCloud account.

    Prosecutors Emphasize Scope of Operation

    “This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency,” U.S. Attorney Jeanine Ferris Pirro said in a statement.

    “If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable,” Attorney Pirro added.

    The DOJ characterized the case as a Racketeer Influenced and Corrupt Organizations Act conspiracy: “The Racketeer Influenced and Corrupt Organizations Act conspiracy used social engineering and occasional home break-ins to obtain information that allowed the conspirators to drain their victims’ cryptocurrency wallets.”

    From Online Gaming to Organized Cybercrime

    The indictment reveals the group’s origins trace back to online gaming communities, where the defendants initially connected as friends before pivoting to coordinated cybercrime operations.

    Stolen Funds Financed Lavish Lifestyle

    Lam and his associates laundered the stolen Bitcoin and spent proceeds on bottle-service parties, private jet charters, personal security details, luxury handbags and watches, and real estate acquisitions in Los Angeles, the Hamptons, and Miami. According to Tuesday’s announcement, the defendants routinely spent up to $500,000 per night on parties and distributed designer handbags worth tens of thousands of dollars as gifts.

    Lam was arrested in 2024 at his Miami rental property.

  • Malone Lam Admits Role in $245M Crypto Crime Ring

    Malone Lam Admits Role in $245M Crypto Crime Ring

    Singapore National Malone Lam Pleads Guilty to $245 Million Cryptocurrency Racketeering Conspiracy

    Singapore citizen Malone Lam, 22, entered a guilty plea on September 8 before U.S. District Judge Colleen Kollar-Kotelly in Washington, D.C., admitting to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. The U.S. Department of Justice announced the plea, linking Lam to an international cybercrime network accused of stealing more than $245 million in cryptocurrency through social engineering, account takeovers, and physical home invasions.

    Organizer of a Global Crypto Theft Enterprise

    According to court documents, the enterprise operated from at least October 2023 through May 2025, with participants coordinating via online gaming platforms across multiple U.S. states and foreign jurisdictions. Prosecutors identified Lam as the ringleader who used online aliases including “Anne Hathaway,” “$$$,” and “King Greavy.” He allegedly identified victims, orchestrated social‑engineering operations, and assigned roles to a network that included database hackers, target researchers, impersonators, money launderers, and residential burglars.

    From a 4,100‑Bitcoin Heist to a Wider Indictment

    The investigation began with the August 18, 2024 theft of more than 4,100 BTC — valued at over $230 million at the time — from a Washington, D.C. resident identified by blockchain investigator ZachXBT as a Genesis creditor. Callers impersonated Google support and later Gemini exchange representatives, convincing the victim to reset security settings and share screen access, which exposed the credentials needed to drain the wallet.

    The original indictment charged Lam and Jeandiel Serrano with accessing the victim’s accounts and laundering proceeds through exchanges, mixers, pass‑through wallets, and peel chains. In May 2025, a superseding indictment expanded the case to 12 defendants and alleged a broader enterprise responsible for more than $263 million in thefts, including a separate $14 million theft in July 2024. The guilty‑plea announcement cites a figure of more than $245 million for Lam’s admitted conduct.

    Stolen Funds Financed Luxury Lifestyles

    Prosecutors detailed how the group converted stolen cryptocurrency into cash and high‑value assets. Expenditures included:

    • Rental mansions, private jets, and security guards
    • At least 28 exotic vehicles valued between $100,000 and $3.8 million each
    • Nightclub spending reaching $500,000 per evening
    • Designer clothing, watches, and expensive handbags distributed at parties

    Money‑laundering tactics involved crypto‑to‑cash services, shell companies, virtual private networks, and chains of intermediary wallets to obscure transaction trails. Some conspirators allegedly mailed bulk cash hidden inside stuffed toys.

    Arrest Timeline and Ongoing Prosecution

    Lam was arrested on September 18, 2024, per the original indictment. A later Justice Department release referenced September 18, 2025, which appears to be a clerical error conflicting with court records. While in pretrial detention, prosecutors allege Lam continued directing associates, including requests to purchase luxury handbags for his girlfriend.

    The case remains active against other defendants. Several participants have already pleaded guilty or been sentenced, including one member who received 78 months for conduct involving residential burglaries and another who received 70 months for laundering stolen cryptocurrency tied to the same enterprise.

    Sentencing Schedule and Investigative Agencies

    Judge Kollar‑Kotelly set a status hearing for December 8, 2026. No sentencing date or expected prison term has been announced. The court will determine the sentence based on federal statutes, advisory guidelines, and any plea‑agreement provisions regarding cooperation, restitution, and forfeiture — details not disclosed in the public announcement.

    The investigation was led by the U.S. Attorney’s Office for the District of Columbia, the FBI’s Washington Field Office, and IRS Criminal Investigation, with support from federal offices in California, Florida, and New Jersey. Assistant U.S. Attorneys Christopher Howland and David Liss are prosecuting the case.

    Broader Implications for Crypto Security

    The case illustrates how attackers blend digital deception with physical threats. Recent reporting indicates home invasions accounted for 37% of documented physical crypto attacks through mid‑2026. Further court filings will establish Lam’s sentencing schedule, forfeiture obligations, and any restitution owed to victims. No recovery total was disclosed alongside the guilty plea.