Cybercrime ringleader Malone Lam pleads guilty in $245 million crypto theft case

Malone Lam admits to $245 million crypto theft

Singaporean national Malone Lam pleaded guilty on Tuesday to a racketeering conspiracy that stole and laundered more than $245 million in cryptocurrency. He faced U.S. District Judge Colleen Kollar‑Kotelly and entered a plea to one count of participating in a RICO (Racketeer Influenced and Corrupt Organizations) scheme.

Key facts

• Operation ran from at least October 2023 to May 2025.
• Victims were identified through online gaming platforms.
• Scheme used social‑engineering tricks and home break‑ins to obtain private keys.
• More than 4,100 Bitcoin, worth over $230 million at the time, were taken from a Washington, D.C. resident.
• Funds were moved through crypto mixers, exchanges, pass‑through wallets and VPNs.
• Additional 12 defendants were later charged, raising the total alleged theft to over $263 million.

Court filing and timeline

The Justice Department announced the plea on September 9 2026. Lam’s guilty plea follows his arrest on September 18 2024 and the unsealing of an indictment the next day. A status hearing is set for December 8 2026; a sentencing date has not yet been released.

How the scheme operated

Prosecutors say the group pretended to be Google support staff to compromise a victim’s accounts, then impersonated Gemini support to convince the victim to share screen‑sharing software, exposing private keys. The attackers also broke into homes to steal hardware wallets.

Use of stolen proceeds

According to the indictment, Lam directed associates from pre‑trial detention, arranging luxury items for his girlfriend. The gang spent money on private jets, rental properties, watches, at least 28 exotic cars, and nightclub bills that could reach $500,000 per night.

What comes next

The case will continue with a sentencing hearing after the December status conference. Authorities may pursue additional charges against other participants.

Sources

• Cointelegraph