Singaporean Pleads Guilty to $245M Crypto Theft in US

A 22-year-old Singaporean national has pleaded guilty in a United States federal court to a racketeering conspiracy charge for organizing a scheme that stole $245 million in bitcoin. Malone Lam admitted in court on Tuesday to directing an international network that drained digital wallets and spent the proceeds on supercars, luxury items, and nightlife.

Lam faces a maximum prison sentence of 20 years following his guilty plea before US District Judge Colleen Kollar-Kotelly, who did not immediately set a date for sentencing.

Tactics and Network

According to the US Department of Justice, Lam served as the ringleader of the enterprise, selecting victims and coordinating co-conspirators under online aliases including “Anne Hathaway,” “$$$,” and “King Greavy.” The network recruited members across California, Connecticut, New York, Florida, and outside the United States, primarily meeting through online gaming platforms.

The group used deceptive tactics to trick victims into handing over private credentials. In some instances, members committed home break-ins to gather information necessary to drain victims’ cryptocurrency accounts. Court filings state the conspiracy began no later than October 2023 and ran until at least May 2025.

Extravagant Spending

Federal authorities detailed extensive spending of the stolen cryptocurrency. Lam and his associates routinely spent up to $500,000 per night at venues in Los Angeles and Miami, where they threw Hermes Birkin handbags valued in the tens of thousands of dollars into party crowds.

The group also purchased a fleet of more than 30 exotic vehicles ranging in value from $100,000 to $3.8 million. Other purchases funded by the scheme included luxury watches worth up to $500,000, designer apparel, short-term home rentals in Miami, Los Angeles, and the Hamptons, private jet charters, and personal security guards.

Arrest and Legal Actions

Lam informed US investigators that he left secondary school in Singapore at age 14. He entered the United States in October 2023 and remained past his visa expiration in January 2024. Federal Bureau of Investigation agents arrested Lam and a co-conspirator in September 2024, effectively stopping the ring’s operations.

US Attorney Jeanine Pirro stated that the network preyed on victims through deception and privacy invasion before stealing hundreds of millions in digital assets. During an initial appearance, US Magistrate Alicia Valle described the case as “Ferris Bueller gone bad” when reviewing evidence of the group’s rapid spending.

In April, co-conspirator Evan Tangeman was sentenced to 70 months in prison for laundering scheme proceeds and attempting to destroy evidence after Lam was taken into custody.

Background

Cryptocurrency thefts involving targeted deception and compromised personal credentials have drawn increased focus from federal law enforcement. Multi-jurisdictional cybercrime groups increasingly leverage online gaming networks and encrypted platforms to coordinate complex financial thefts across international borders.