22-year-old Malone Lam pleaded guilty to leading a $245M cryptocurrency theft and laundering scheme involving social engineering and home break-ins across multiple countries.
Regulation & Gov ·
Malone Lam, a 22-year-old Singaporean who recently resided in Miami, pleaded guilty in Washington, D.C., to conspiracy charges related to an international scheme that stole and laundered over $245 million in cryptocurrency. According to court filings, he admitted to one count of participating in a RICO conspiracy, with a status hearing scheduled for December 8, 2026. Lam, who operated under aliases including "Anne Hathaway" and "$$$," allegedly directed the operation, chose victims, and distributed tasks among coconspirators arrested in September 2025.
The criminal enterprise operated from at least October 2023 through May 2025, drawing members from California, Connecticut, New York, Florida, and international locations who connected initially through online gaming platforms. The group employed social engineering and home invasions to obtain information enabling them to compromise victims' cryptocurrency holdings. US Attorney Jeanine Ferris Pirro stated the network used deception and privacy violations to extract hundreds of millions in digital assets, with assistance from the FBI and IRS-CI.
The stolen funds were redirected toward high-value consumption: single nightclub outings cost as much as $500,000, handbags worth tens of thousands were distributed at parties, and timepieces ranged from $100,000 to over $500,000. Expenditures also included exotic vehicles valued between $100,000 and $3.8 million, luxury rentals in Los Angeles, the Hamptons, and Miami, private aviation, and security services. A status conference remains pending to determine next steps in the prosecution.