Written by Ezra Reguerrastaff writerReviewed by Yohan Yunstaff editor

Written by Ezra Reguerrastaff writer

Reviewed by Yohan Yunstaff editor

Malone Lam pleads guilty in $245M crypto theft conspiracy

Latest NewsPublishedSep 9, 2026

US prosecutors stated Lam organized an international network that targeted cryptocurrency holders through social engineering and home break-ins.

Singaporean national Malone Lam pleaded guilty to participating in a racketeering conspiracy that US prosecutors say used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency.

On Tuesday, the US Justice Department stated that Lam organized the international operation, identified prospective victims and coordinated other conspirators. The enterprise was formed through connections on online gaming platforms and operated from no later than October 2023 through at least May 2025, as reported by court documents.

The plea establishes criminal responsibility nearly two years after Lam was charged over the theft of more than 4,100 Bitcoin, worth over $230 at the time, from a Washington, DC resident. 

Lam pleaded guilty before US District Judge Colleen Kollar-Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. The judge scheduled a status hearing for Dec. 8, but the Justice Department did not announce a sentencing date.

From a 4,100 Bitcoin theft to a RICO case

Initially, prosecutors accused Lam and Jeandiel Serrano of fraudulently obtaining more than 4,100 Bitcoin from a single victim on Aug. 18, 2024. 

In 2024, blockchain investigator ZachXBT identified the victim as a Genesis creditor. The attackers allegedly posed as Google support staff to compromise the victim’s accounts before impersonating Gemini support to persuade the victim to reset two-factor authentication and utilize screen-sharing software that exposed private keys.

Lam and Serrano were arrested on Sept. 18, 2024, and prosecutors unsealed their indictment the following day. Prosecutors alleged that the pair laundered the proceeds through crypto mixers, exchanges, pass-through wallets and virtual private networks. 

Related: Liquid ‘white hats’ return $270M in Bitcoin as network prepares restart

On May 15, 2025, prosecutors revealed a superseding indictment charging 12 additional defendants and expanding the case into an alleged RICO conspiracy involving more than $263 million in crypto thefts. It included a separate $14 million theft in July 2024 and an alleged home break-in targeting a hardware wallet. 

Prosecutors also alleged that Lam continued directing associates from pretrial detention, including arranging delivery of luxury items to his girlfriend. The group’s members allegedly spent stolen funds on private jets, rental properties, watches and at least 28 exotic cars, while nightclub bills reached $500,000 per evening. 

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• Scams
• Fraud
• Law
• United States
• FBI
• Department of Justice
• Scams & Cybercrime

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