Malone Lam pleads guilty in $245M crypto theft conspiracy

Singaporean national Malone Lam pleaded guilty to participating in a racketeering conspiracy that US prosecutors say used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency.

On Tuesday, the US Justice Department said that Lam organized the international operation, identified prospective victims and coordinated other conspirators. The enterprise was formed through connections on online gaming platforms and operated from no later than October 2023 through at least May 2025, according to court documents.

The plea establishes criminal responsibility nearly two years after Lam was charged over the theft of more than 4,100 Bitcoin, worth over $230 at the time, from a Washington, DC resident. 

Lam pleaded guilty before US District Judge Colleen Kollar-Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. The judge scheduled a status hearing for Dec. 8, but the Justice Department did not announce a sentencing date.

From a 4,100 Bitcoin theft to a RICO case

Initially, prosecutors accused Lam and Jeandiel Serrano of fraudulently obtaining more than 4,100 Bitcoin from a single victim on Aug. 18, 2024.