Cybercrime ringleader Malone Lam pleads guilty in $245M crypto theft conspiracy
US prosecutors said Lam organized an international network that targeted cryptocurrency holders through social engineering and home break-ins.
US prosecutors said Lam organized an international network that targeted cryptocurrency holders through social engineering and home break-ins.
Singaporean national Malone Lam pleaded guilty to participating in a racketeering conspiracy that US prosecutors say used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency.
On Tuesday, the US Justice Department said that Lam organized the international operation, identified prospective victims and coordinated other conspirators. The enterprise was formed through connections on online gaming platforms and operated from no later than October 2023 through at least May 2025, according to court documents.
Initially, prosecutors accused Lam and Jeandiel Serrano of fraudulently obtaining more than 4,100 Bitcoin from a single victim on Aug. 18, 2024.