Malone Lam, a Singaporean national accused of organizing an international cryptocurrency theft operation, has pleaded guilty in the United States to a racketeering conspiracy charge tied to a multimillion-dollar crypto heist.
U.S. prosecutors said Lam, 22, used social engineering, impersonation and home break-ins as part of an operation that stole and laundered more than $245 million in cryptocurrency. His guilty plea comes nearly two years after he was charged in connection with the theft of more than 4,100 Bitcoin from a Washington, D.C., resident.
Who Is Malone Lam?
Lam grew up in Singapore and attended Unity Secondary School in Choa Chu Kang before dropping out as a teenager. He later became involved in cryptocurrency trading and online gaming communities, including Minecraft and Discord.
He moved to the United States in October 2023 and lived in Miami, Los Angeles and the Hamptons. According to the report, he entered the country through the Visa Waiver Program, which had expired by 2024.
Prosecutors say Lam organized the international operation, identified potential victims and coordinated other members of the group. The alleged enterprise operated from at least October 2023 through May 2025.
How the Cryptocurrency Theft Worked
Prosecutors initially accused Lam and Jeandiel Serrano of obtaining more than 4,100 Bitcoin from a single victim on Aug. 18, 2024.
Investigators alleged that members of the group posed as Google support employees to gain access to the victim’s accounts. They then allegedly impersonated Gemini support representatives, persuaded the victim to reset two-factor authentication and used screen-sharing software to obtain access to private keys.
Lam and Serrano were arrested on Sept. 18, 2024, and prosecutors unsealed the indictment the following day. Authorities accused the pair of laundering cryptocurrency through mixers, exchanges, pass-through wallets and virtual private networks.
A superseding indictment filed in May 2025 added 12 defendants and expanded the alleged RICO conspiracy to more than $263 million in cryptocurrency thefts. The case included an alleged $14 million theft in July 2024 and a reported home break-in involving a hardware wallet.
Lam Faces Sentencing After Guilty Plea
Lam pleaded guilty before U.S. District Judge Colleen Kollar-Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations, or RICO, conspiracy.
A status hearing is scheduled for Dec. 8, but the Justice Department has not announced a sentencing date.
Prosecutors have also alleged that Lam continued directing associates while in pretrial detention and arranged for luxury items to be delivered to his girlfriend. Members of the group were accused of spending stolen cryptocurrency on private jets, rental properties, watches and at least 28 exotic cars, with nightclub bills reportedly reaching as much as $500,000 in a single evening.
The guilty plea establishes Lam’s criminal responsibility for the RICO conspiracy charge and marks a major development in a case that prosecutors say involved a wider international network and hundreds of millions of dollars in cryptocurrency theft.