Miami resident, 22, pleads guilty to ringleading $245M international crypto scheme

A 22-year-old man who lived in Miami pleaded guilty Tuesday to teaming up with friends to steal nearly a quarter-billion dollars in bitcoin from a Washington, D.C., resident — one of the largest cryptocurrency thefts in U.S. history — and then embarking on a wild spending spree with the laundered proceeds.

Malone Lam, an eighth-grade dropout who came to the U.S. from Singapore, faces a maximum prison sentence of 20 years after pleading guilty to a federal racketeering conspiracy charge. U.S. District Judge Colleen Kollar-Kotelly set his status hearing for Dec. 8.

Lam was an organizer for a network of young men who carried out a string of crypto scams starting in 2023, prosecutors said. He is one of 18 defendants charged in the case and is the 11th to plead guilty, but his conviction marks a major breakthrough for the Justice Department’s investigation.

In August 2024, Lam and others used “social engineering” techniques to dupe the Washington man out of bitcoin worth over $245 million. Two of Lam’s alleged co-conspirators posed as representatives of Google and the Gemini crypto exchange to manipulate the man into giving them access to his Google Drive and revealing security codes that allowed Lam to siphon off over 4,100 bitcoin, according to prosecutors.