Malone Lam, a Singaporean national, has entered a guilty plea for his role in a racketeering conspiracy involving the theft and laundering of over $245 million in cryptocurrency. According to the US Justice Department, Lam coordinated an international network that identified victims and executed thefts through social engineering and home break-ins.
Court documents indicate the operation ran from at least October 2023 through May 2025. The group formed connections via online gaming platforms. Lam pleaded guilty to one count of participating in a RICO conspiracy before US District Judge Colleen Kollar-Kotelly. A status hearing is set for December 8, though a sentencing date remains unannounced.
The investigation initially centered on the theft of over 4,100 Bitcoin from a Washington, D.C. resident in August 2024. Investigators noted that attackers posed as Google and Gemini support staff to gain access to private keys. Following the arrests of Lam and Jeandiel Serrano in September 2024, the case expanded to include 12 additional defendants.
Prosecutors allege the criminal enterprise laundered funds using crypto mixers, exchanges, and VPNs. Stolen assets were reportedly spent on luxury items, including private jets, watches, and at least 28 exotic cars. Nightclub expenses for the group allegedly reached $500 000 per evening. Lam is also accused of directing associates while in detention.
