Malone Lam Pleads Guilty to Orchestrating $245M Cryptocurrency Heist
On September 8, Malone Lam, a 22-year-old Singaporean resident in Miami, pleaded guilty for leading an international cryptocurrency theft and laundering operation valued at over $245 million. The U.S. Attorney Jeanine Ferris Pirro announced the case involving a RICO conspiracy that spanned from October 2023 to May 2025. Lam used aliases such as 'Anne Hathaway' while coordinating a network of individuals across multiple states and countries, employing social engineering tactics and even home break-ins to access victims’ crypto wallets. The stolen cryptocurrency was reportedly spent on luxury items including high-end fashion, private jets, exotic cars, and rental properties in Los Angeles, the Hamptons, and Miami. Lam faces a potential 20-year prison sentence per racketeering count under U.S. law. A status hearing is scheduled for December 8 before Judge Colleen Kollar-Kotelly. The case was investigated by multiple federal agencies including the FBI’s Washington Field Office and IRS-Criminal Investigation in D.C., highlighting growing concerns around cryptocurrency security and fraud.
Topics: Cryptocurrency Cybercrime Fraud RICO Act