Malone Lam, a 22-year-old resident of Miami originally from Singapore, pleaded guilty to leading an international criminal group. The organization was responsible for one of the largest bitcoin thefts in the history of the United States, involving the misappropriation of assets valued at $245 million.
According to the U.S. Department of Justice, the criminal activities occurred between October 2023 and May 2025. The group utilized social engineering, database hacking, and physical break-ins to compromise user credentials and private keys, successfully draining cryptocurrency wallets.
The conspirators laundered the stolen funds to finance a lavish lifestyle. Expenditures included luxury properties in Los Angeles, Miami, and the Hamptons, as well as private jet rentals and high-end accessories. The group reportedly spent up to $500 000 on individual parties.
The operation originated from a group of online gamers who formed a network to execute these cybercrimes. U.S. Attorney Jeanine Ferris Pirro confirmed that the authorities dismantled the operation, which relied on the Racketeer Influenced and Corrupt Organizations Act conspiracy to target victims.
