Singaporean national Malone Lam has pleaded guilty to participating in a racketeering conspiracy that US prosecutors state utilized social engineering and home break-ins to steal and launder over $245 million in cryptocurrency.
According to the US Justice Department, Lam organized the international operation, identified prospective victims, and coordinated other conspirators. Court documents indicate the enterprise formed through connections on online gaming platforms and operated from no later than October 2023 through at least May 2025.
The guilty plea establishes criminal responsibility following charges related to the theft of more than 4,100 Bitcoin from a Washington, DC resident. Lam entered the plea before US District Judge Colleen Kollar-Kotelly, pleading guilty to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. Judge Kollar-Kotelly scheduled a status hearing for Dec. 8, though the Justice Department has not yet announced a sentencing date.
From a Single Bitcoin Theft to a Broad RICO Case
Prosecutors initially accused Lam and co-defendant Jeandiel Serrano of fraudulently obtaining more than 4,100 Bitcoin from a single victim on Aug. 18, 2024. Blockchain investigator ZachXBT identified the victim as a Genesis creditor in 2024. According to allegations, the attackers posed as Google support staff to compromise the victim’s accounts, subsequently impersonating Gemini support to persuade the victim to reset two-factor authentication and use screen-sharing software that exposed private keys.
Lam and Serrano were arrested on Sept. 18, 2024, and prosecutors unsealed their indictment the following day, alleging the pair laundered the proceeds through crypto mixers, exchanges, pass-through wallets, and virtual private networks.
On May 15, 2025, prosecutors announced a superseding indictment that charged 12 additional defendants and expanded the case into an alleged RICO conspiracy involving more than $263 million in total crypto thefts. The expanded case included a separate $14 million theft in July 2024 and an alleged home break-in targeting a hardware wallet.
Prosecutors further alleged that Lam continued directing associates from pretrial detention, which included arranging the delivery of luxury items to his girlfriend. Members of the group allegedly spent the stolen funds on private jets, rental properties, watches, and at least 28 exotic cars, with individual nightclub bills reaching $500,000 per evening.
