Malone Lam, 22, a Miami resident from Singapore, pleaded guilty this week to leading an international cryptocurrency theft operation that stole digital assets worth $245 million.
According to the U.S. Department of Justice, Lam and co-defendants conducted the theft scheme from October 2023 through at least May 2025. The group used hacking and social engineering tactics to steal cryptocurrency users' personal information, then convinced victims to provide login credentials and private keys.
In one instance documented by prosecutors, a co-defendant broke into a residence in New Mexico and stole a hardware wallet while Lam monitored the victim's movements by accessing their iCloud account.
The conspiracy originated among a group of online gamers who became friends before collaborating on the cybercrimes, according to the indictment. The operation employed a Racketeer Influenced and Corrupt Organizations Act conspiracy that combined social engineering tactics with occasional residential break-ins to access victims' cryptocurrency wallets.
Lam and his associates laundered the stolen funds and spent the proceeds on luxury goods and experiences, including bottle service parties costing up to $500,000 per night, private jet rentals, security personnel, designer handbags and watches, and properties in Los Angeles, the Hamptons, and Miami.
Lam was arrested in 2024 at his rental home in Miami. U.S. Attorney Jeanine Ferris Pirro stated in a release that the prosecution sends a message to cybercriminals: "If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable."
