Malone Lam, a 22-year-old Singaporean national, pleaded guilty in a Washington, D.C. court to participating in a RICO conspiracy. This marks the first instance where federal prosecutors have utilized racketeering laws for a Bitcoin-related crime.
The criminal operation, which spanned from October 2023 to May 2025, resulted in the theft of over 4,100 BTC, valued at approximately $245 million. In one incident in August 2024, a single victim lost the entire amount of 4,100 BTC.
Lam and at least 12 co-defendants used social engineering and residential break-ins to gain access to victim wallets. The group impersonated trusted entities, such as tech support, to deceive targets into revealing sensitive credentials.
Following his arrest in Miami in September 2025, Lam faces a maximum sentence of 20 years in federal prison. A status hearing is set for December 8, 2026, and the court has ordered restitution of $245 million to the victims.
Lam reportedly spent stolen funds on luxury cars costing up to $3.8 million each and nightclub tabs reaching $500,000 per night. Experts note that the actual recovery of funds may be limited due to these expenditures on depreciating assets.
