Crypto Crime Empire Crumbles as 22-Year-Old Ringleader Malone Lam Pleads Guilty
Malone Lam, a Singaporean citizen and recent Miami resident, pleaded guilty in Washington, D.C., to taking part in an international cybercrime conspiracy that stole and laundered more than $245 million in cryptocurrency.
Attorney Jeanine Ferris Pirro announced the plea after Lam appeared before US District Judge Colleen Kollar-Kotelly.
$245 Million Crypto Heist
According to the official press release, the 22-year-old pleaded guilty to one count of participating in a RICO conspiracy, and the judge scheduled a status hearing for December 8, 2026. Court documents claim the criminal enterprise started no later than October 2023 and continued through at least May 2025.
The group grew through connections on online gaming platforms and included people based in California, Connecticut, New York, Florida, as well as other countries. Its members relied on social engineering and, at times, home break-ins to gather information that helped them drain victimsโ crypto wallets.
US Attorney Pirro said,
โIf you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable. This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency. Working with our partners at the FBI and IRS-CI, we will continue to hunt down the criminals who weaponize technology to steal from innocent people.โ
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