Malone Lam, a 22-year-old Singaporean national, pleaded guilty to participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy that stole and laundered more than $245 million in cryptocurrency, the U.S. Justice Department announced Tuesday.
Lam organized the criminal enterprise by identifying victims and coordinating accomplices through connections on online gaming platforms. The operation ran from October 2023 through at least May 2025.
Prosecutors charged Lam with stealing more than 4,100 Bitcoin from a Washington, D.C. resident on Aug. 18, 2024. Blockchain investigator ZachXBT identified the victim as a Genesis creditor.
The attackers used social engineering to compromise accounts. They impersonated Google support staff to gain initial access, then posed as Gemini support to reset two-factor authentication. Using screen-sharing software, they exposed private keys.
Lam and co-conspirator Jeandiel Serrano were arrested Sept. 18, 2024. Prosecutors alleged they laundered stolen proceeds through crypto mixers, exchanges, pass-through wallets, and virtual private networks.
On May 15, 2025, prosecutors filed a superseding indictment charging 12 additional defendants and alleging a RICO conspiracy involving more than $263 million in total crypto thefts. The expanded charges included a $14 million theft in July 2024 and an alleged home break-in targeting a hardware wallet.
Lam continued directing associates from pretrial detention, arranging delivery of luxury items to his girlfriend while incarcerated.
The group spent the stolen funds on private jets, rental properties, exotic watches, and at least 28 exotic cars. Nightclub bills associated with the conspirators reached $500,000 per evening.
Lam pleaded guilty before U.S. District Judge Colleen Kollar-Kotelly. The judge scheduled a status hearing for Dec. 8. The Justice Department has not announced a sentencing date.
