$245 million cyber theft scheme led by Singaporean ringleader Malone Lam confessed Tuesday
Malone Lam pleaded guilty to leading an international group that stole over $245 million in cryptocurrency. The network operated from late 2023 into early 2025 using social engineering and physical break-ins.
Singaporean citizen Malone Lam pleaded guilty in Washington D.C. on Tuesday, September 8, admitting responsibility for leading a cybercrime enterprise that stole more than $245 million in cryptocurrency. Prosecutors state the group operated from October 2023 through May 2025, utilizing social engineering scams, online intrusions, and home break-ins to target victims. Lam coordinated roles among members located in California, Connecticut, New York, Florida, and overseas while using multiple aliases.
A major theft occurred in August 2024 when associates took over 4,100 bitcoin from a victim in Washington D.C. The conspirators impersonated representatives of Google and the cryptocurrency exchange Gemini to trick victims into revealing access codes. These details allowed the group to transfer funds totaling more than $245 million for the case's valuation. Judge Colleen Kollar-Kotelly heard one count of racketeering conspiracy, while investigators noted participants spanned several US states. The organization relied on digital deception and physical presence to maintain control over victim holdings.
