Man pleads guilty for ringleader role in $245 million cryptocurrency scam

WASHINGTON - A Singaporean man pleaded guilty to his role as leader of an international cryptocurrency scam that brought in more than $245 million, according to the U.S. Attorney's Office of Washington, D.C. 

What we know:

Malone Lam, 22, is a Singaporean citizen and resident of Miami, Florida, court records show. He is accused of using social engineering to steal and launder cryptocurrency. He pleaded guilty to one count of participating in a RICO conspiracy. 

Court documents show that the scheme began in October 2023 and continued through at least May 2025. It developed through connections made on online gaming platforms and included individuals who were based in California, Connecticut, New York, Florida and abroad. 

The RICO conspiracy used social engineering and home break-ins to gain information that allowed the suspects to drain their victims' cryptocurrency wallets, according to court documents. 

Lam allegedly organized the scheme, identified victims and coordinated the roles of the other suspects, court documents show. 

The suspects allegedly used the stolen funds to buy nightclub services for up to $500,000 per night, luxury bags which were given away at parties, luxury watches and clothing, rental homes, private jet rentals, a team of security guards and a fleet of exotic cars.