Malone Lam, a 22-year-old Singaporean citizen, pleaded guilty on September 8 in U.S. District Court in Washington to participating in a Racketeer Influenced and Corrupt Organizations Act (RICO) conspiracy. Federal prosecutors identified Lam as the ringleader of an international network that stole and laundered cryptocurrency valued at more than $245 million.
Operating from October 2023 through at least May 2025, the enterprise coordinated participants based in California, Connecticut, New York, Florida, and other countries. Lam used multiple aliases including "Anne Hathaway," "$$$," and "King Greavy" while organizing the operation's structure of hackers, burglars, and money launderers.
Methods of Theft
The network combined online deception with physical crime. In a Washington case involving over 4,100 bitcoin allegedly stolen on August 18, 2024, participants impersonated Google and Gemini personnel, persuading the victim to reveal information stored in Google Drive and manipulate them into opening files containing private keys.
When digital methods failed, gang members resorted to residential burglary. Marlon Ferro, another network member, received 78 months in prison after admitting to stealing a hardware wallet containing approximately 100 bitcoin from a Texas residence and breaking into a New Mexico home during another search.
Luxury Spending
Stolen cryptocurrency funded an extravagant lifestyle. Network members spent proceeds on exotic cars valued as high as $3.8 million, watches exceeding $500,000, private jet rentals, rental homes, security guards, and nightclub services costing up to $500,000 per evening.
Lam was arrested at his Miami rental home on September 18, 2024. U.S. Attorney Jeanine Ferris Pirro stated that prosecutors would continue pursuing cryptocurrency criminals who use technology to steal from victims.
