Blab Crypto
Singaporean Miami Resident Pleads Guilty to $245 Million Crypto Theft RICO Charge
A 22‑year‑old Singaporean living in Miami has admitted to orchestrating a $245 million cryptocurrency heist that spanned two years and crossed borders.
On Wednesday, Malone Lam pleaded guilty in the U.S. District Court for the District of Columbia to one count of Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. The plea follows a federal investigation that alleges Lam organized an international cyber‑crime network responsible for the theft.
According to court documents, the conspiracy began no later than October 2023 and continued through at least May 2025. Members of the ring operated from several U.S. states—California, Connecticut, New York, and Florida—as well as overseas locations. Lam, who used aliases such as “Anne Hathaway,” “$$$,” and “King Greavy,” is said to have identified victims, coordinated the roles of other conspirators, and directed the thefts.
Investigators describe the operation as a social‑engineering scheme that targeted cryptocurrency holders through deception, online gaming, and, in some cases, home break‑ins. The stolen funds were allegedly laundered and used to finance a lavish lifestyle. Reports indicate that the group purchased luxury watches worth more than $500 000, exotic cars valued up to $3.8 million, private jets, high‑end clothing and handbags, and rented homes in Los Angeles, the Hamptons, and Miami. In a single evening, the ring is said to have spent as much as $500 000 on nightclub services and maintained a team of private security guards.
Lam was arrested on September 18 2025 at his rental home in Miami. The U.S. Attorney’s Office for the District of Columbia, led by Jeanine Pirro, stated that investigators will continue to pursue other individuals involved in the alleged cryptocurrency theft network.
The case is being investigated by the Federal Bureau of Investigation and the Internal Revenue Service’s Criminal Investigation division, with additional support from federal investigators in Miami, Los Angeles, and other jurisdictions.
Sentencing has not yet been scheduled. Judge Colleen Kollar‑Kotelly set a status hearing for December 8 2026. The plea agreement does not disclose a specific sentence, but the RICO charge carries a potential maximum penalty of 20 years in prison.
The prosecution’s claim that the scheme was the largest known single‑victim cryptocurrency heist is based on the amount of stolen funds and the number of victims. While the exact number of victims has not been publicly disclosed, court filings indicate that the operation involved the theft of more than 4,100 Bitcoin from a single investor.
This case highlights the growing reach of cyber‑crime networks that exploit the anonymity and global nature of digital assets. Law‑enforcement agencies continue to emphasize the importance of robust security practices for cryptocurrency holders and the need for international cooperation to track and recover stolen funds.
At this time, no further details have been released regarding the identities of the other defendants, the specific methods used to access victims’ wallets, or the current status of the stolen cryptocurrency. The case remains under active investigation, and additional information is expected to emerge as the legal process proceeds.
The outcome of the December hearing will determine whether Lam will face a prison term and how the remaining defendants will be prosecuted. The case underscores the ongoing efforts of U.S. authorities to address large‑scale cryptocurrency theft and money‑laundering schemes.
On Wednesday, Malone Lam pleaded guilty in the U.S. District Court for the District of Columbia to one count of Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. The plea follows a federal investigation that alleges Lam organized an international cyber‑crime network responsible for the theft.
According to court documents, the conspiracy began no later than October 2023 and continued through at least May 2025. Members of the ring operated from several U.S. states—California, Connecticut, New York, and Florida—as well as overseas locations. Lam, who used aliases such as “Anne Hathaway,” “$$$,” and “King Greavy,” is said to have identified victims, coordinated the roles of other conspirators, and directed the thefts.
Investigators describe the operation as a social‑engineering scheme that targeted cryptocurrency holders through deception, online gaming, and, in some cases, home break‑ins. The stolen funds were allegedly laundered and used to finance a lavish lifestyle. Reports indicate that the group purchased luxury watches worth more than $500 000, exotic cars valued up to $3.8 million, private jets, high‑end clothing and handbags, and rented homes in Los Angeles, the Hamptons, and Miami. In a single evening, the ring is said to have spent as much as $500 000 on nightclub services and maintained a team of private security guards.
Lam was arrested on September 18 2025 at his rental home in Miami. The U.S. Attorney’s Office for the District of Columbia, led by Jeanine Pirro, stated that investigators will continue to pursue other individuals involved in the alleged cryptocurrency theft network.
The case is being investigated by the Federal Bureau of Investigation and the Internal Revenue Service’s Criminal Investigation division, with additional support from federal investigators in Miami, Los Angeles, and other jurisdictions.
Sentencing has not yet been scheduled. Judge Colleen Kollar‑Kotelly set a status hearing for December 8 2026. The plea agreement does not disclose a specific sentence, but the RICO charge carries a potential maximum penalty of 20 years in prison.
The prosecution’s claim that the scheme was the largest known single‑victim cryptocurrency heist is based on the amount of stolen funds and the number of victims. While the exact number of victims has not been publicly disclosed, court filings indicate that the operation involved the theft of more than 4,100 Bitcoin from a single investor.
This case highlights the growing reach of cyber‑crime networks that exploit the anonymity and global nature of digital assets. Law‑enforcement agencies continue to emphasize the importance of robust security practices for cryptocurrency holders and the need for international cooperation to track and recover stolen funds.
At this time, no further details have been released regarding the identities of the other defendants, the specific methods used to access victims’ wallets, or the current status of the stolen cryptocurrency. The case remains under active investigation, and additional information is expected to emerge as the legal process proceeds.
The outcome of the December hearing will determine whether Lam will face a prison term and how the remaining defendants will be prosecuted. The case underscores the ongoing efforts of U.S. authorities to address large‑scale cryptocurrency theft and money‑laundering schemes.
