Blab Crypto
Malone Lam Pleads Guilty to $245 Million Crypto Theft and Luxury Spending Scheme
A 22‑year‑old Singaporean living in Miami, Malone Lam, has just admitted to orchestrating the largest single‑victim crypto heist in history. On Tuesday, he pleaded guilty to one count of racketeering conspiracy under the federal RICO Act in a U.S. District Court in Washington, D.C., on September 8, 2026. Lam faces up to 20 years in prison, with a sentencing hearing set for December.
Operating under the aliases “Anne Hathaway,” “$$$,” and “King Greavy,” Lam is alleged to have led an international network of at least 16 co‑defendants from California, Connecticut, New York, Florida, and beyond. The group met primarily on online gaming platforms, using social‑engineering tactics—tricking victims into revealing passwords or downloading malware—to gain access to cryptocurrency wallets. Prosecutors say the scheme began in October 2023 and continued through May 2025.
According to the indictment, the conspirators stole more than 4,100 Bitcoin from a single Washington, D.C., investor, a loss prosecutors describe as the largest single‑victim crypto heist ever recorded. The stolen coins were valued at roughly $245 million at the time of the theft. Other victims suffered losses ranging from hundreds of thousands to millions of dollars, bringing the total value of stolen assets to over $260 million.
The illicit funds were funneled into an extravagant lifestyle. Prosecutors detail purchases of nightclub services costing up to $500,000 per evening, luxury handbags, watches worth $100,000 to $500,000, high‑end clothing, five rental homes in Los Angeles, the Hamptons and Miami, private jet rentals, private security guards, and a fleet of cars ranging from $100,000 to $3.8 million.
“If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable,” said U.S. Attorney Jeanine Pirro. “This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency.”
Lam’s co‑defendants have already pleaded guilty. Evan Tangeman of Newport Beach, California, received a 70‑month sentence. Marlon Ferro of Santa Ana, California, was sentenced to 78 months and ordered to pay $2.5 million in restitution. Kunal Mehta of Irvine, California, also pleaded guilty, but his sentence has not yet been announced.
During the investigation, prosecutors found that some ring members physically broke into victims’ homes to steal hardware wallets. In one case, a Washington, D.C., resident was deceived into downloading a program that granted the conspirators remote access to his computer, resulting in the theft of more than $245 million in cryptocurrency.
The indictment also records that the conspirators communicated in a mocking tone, using language such as “stupid” and “dumb f—.” When authorities approached Lam, he reportedly dropped his cell phone into Biscayne Bay from a dock at his Miami rental home, according to the indictment.
In a recorded call from jail after his arrest, Lam said, “We always talked about what it would be like if I were to go down, but never thought it would be this crazy,” the indictment notes.
Lam’s attorney, John Pierce, described the case as “a very sad case of a bunch of kids getting way too far out over their skies and not appreciating how much damage they can do from what they probably viewed as online games like the Minecraft through which they met.”
The case underscores the growing threat of social‑engineering attacks on cryptocurrency holders and the challenges regulators face in tracking and prosecuting cross‑border cybercrime. The U.S. Attorney’s Office for the District of Columbia has indicated that it will continue to pursue other members of the ring and related money‑laundering activities.
Lam remains in custody, and his sentencing hearing is set for December. The case highlights the importance of robust security practices for cryptocurrency users and the willingness of U.S. prosecutors to apply RICO statutes to large‑scale digital‑asset thefts.
Operating under the aliases “Anne Hathaway,” “$$$,” and “King Greavy,” Lam is alleged to have led an international network of at least 16 co‑defendants from California, Connecticut, New York, Florida, and beyond. The group met primarily on online gaming platforms, using social‑engineering tactics—tricking victims into revealing passwords or downloading malware—to gain access to cryptocurrency wallets. Prosecutors say the scheme began in October 2023 and continued through May 2025.
According to the indictment, the conspirators stole more than 4,100 Bitcoin from a single Washington, D.C., investor, a loss prosecutors describe as the largest single‑victim crypto heist ever recorded. The stolen coins were valued at roughly $245 million at the time of the theft. Other victims suffered losses ranging from hundreds of thousands to millions of dollars, bringing the total value of stolen assets to over $260 million.
The illicit funds were funneled into an extravagant lifestyle. Prosecutors detail purchases of nightclub services costing up to $500,000 per evening, luxury handbags, watches worth $100,000 to $500,000, high‑end clothing, five rental homes in Los Angeles, the Hamptons and Miami, private jet rentals, private security guards, and a fleet of cars ranging from $100,000 to $3.8 million.
“If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable,” said U.S. Attorney Jeanine Pirro. “This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency.”
Lam’s co‑defendants have already pleaded guilty. Evan Tangeman of Newport Beach, California, received a 70‑month sentence. Marlon Ferro of Santa Ana, California, was sentenced to 78 months and ordered to pay $2.5 million in restitution. Kunal Mehta of Irvine, California, also pleaded guilty, but his sentence has not yet been announced.
During the investigation, prosecutors found that some ring members physically broke into victims’ homes to steal hardware wallets. In one case, a Washington, D.C., resident was deceived into downloading a program that granted the conspirators remote access to his computer, resulting in the theft of more than $245 million in cryptocurrency.
The indictment also records that the conspirators communicated in a mocking tone, using language such as “stupid” and “dumb f—.” When authorities approached Lam, he reportedly dropped his cell phone into Biscayne Bay from a dock at his Miami rental home, according to the indictment.
In a recorded call from jail after his arrest, Lam said, “We always talked about what it would be like if I were to go down, but never thought it would be this crazy,” the indictment notes.
Lam’s attorney, John Pierce, described the case as “a very sad case of a bunch of kids getting way too far out over their skies and not appreciating how much damage they can do from what they probably viewed as online games like the Minecraft through which they met.”
The case underscores the growing threat of social‑engineering attacks on cryptocurrency holders and the challenges regulators face in tracking and prosecuting cross‑border cybercrime. The U.S. Attorney’s Office for the District of Columbia has indicated that it will continue to pursue other members of the ring and related money‑laundering activities.
Lam remains in custody, and his sentencing hearing is set for December. The case highlights the importance of robust security practices for cryptocurrency users and the willingness of U.S. prosecutors to apply RICO statutes to large‑scale digital‑asset thefts.
