Singaporean national Malone Lam pleaded guilty to organizing a criminal network that used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency. On Tuesday the US Justice Department said Lam coordinated the international operation, picking targets and directing other conspirators. The case comes nearly two years after Lam was first charged over the theft of more than 4,100 Bitcoin.
A guilty plea in federal court
Prosecutors said Lam's network formed through connections on online gaming platforms. It operated from no later than October 2023 through at least May 2025 and reached dozens of victims across several states.
Lam pleaded guilty before US District Judge Colleen Kollar-Kotelly to one count of participating in a RICO conspiracy. RICO, a federal law targeting organized crime, lets prosecutors charge an entire network at once. The judge set a status hearing for Dec. 8, and the Justice Department has not announced a sentencing date.
The Justice Department laid out the case in a press release dated Sept. 8, 2026.
How the Washington victim was robbed
The original charge involved the theft of more than 4,100 Bitcoin from a Washington, D.C. resident on Aug. 18, 2024. The stolen funds were worth more than $230 million at the time.
Blockchain investigator ZachXBT identified the victim as a Genesis creditor. The attackers first posed as Google support, then as Gemini support, to convince the victim to reset two-factor authentication and install screen-sharing software.
The case grows into a RICO conspiracy
Lam and his associate Jeandiel Serrano were arrested on Sept. 18, 2024, and the indictment was unsealed the next day. Investigators said the money moved through mixers, several exchanges, pass-through wallets and VPN services, which made the transaction trail harder to trace.
On May 15, 2025, prosecutors filed a superseding indictment charging 12 more defendants and expanded the case into a RICO conspiracy covering more than $263 million in thefts. It included a separate $14 million theft in July 2024 and an alleged home break-in targeting a hardware wallet.
- On Aug. 18, 2024, more than 4,100 Bitcoin were drained from the victim's account.
- On Sept. 18, 2024, Lam and Serrano were arrested and charged.
- On May 15, 2025, 12 more defendants were added to the case.
- The total scope of the case grew to more than $263 million.
A lavish lifestyle funded by stolen money
Prosecutors say Lam kept directing associates even from pretrial detention, including arranging delivery of luxury goods to his girlfriend.
According to investigators, the group spent the stolen funds on private jets, rental properties, watches and at least 28 exotic cars. Nightclub bills reportedly reached $500,000 a night.
No sentencing date has been set. The next hearing in the case is scheduled for Dec. 8.
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