Singaporean at centre of US$260m crypto theft ring pleads guilty in US court

WASHINGTON, Sept 9 — Singaporean Malone Lam pleaded guilty in a federal court to a racketeering conspiracy charge for leading a cryptocurrency theft ring that stole more than US$260 million (RM1.05 billion) from victims across the United States.

In yesterday’s hearing, Lam, 22, admitted organising a sophisticated “social engineering” operation that targeted people with large cryptocurrency holdings, according to a CNA report.

He and his co‑conspirators impersonated employees of trusted companies, including Google, to persuade victims to disclose passwords, seed phrases and authentication codes that unlocked their digital wallets.

“I plead guilty, Your Honour,” Lam said after a long sigh, following prosecutors’ account of how he used those stolen credentials to direct the group’s attacks.

Prosecutor Christopher Howland told the court that Lam “played multiple roles” in the scheme, which the Department of Justice considers its first bitcoin‑related case brought under the Racketeer Influenced and Corrupt Organizations (RICO) Act.

Lam faces a maximum sentence of 20 years in prison.

He told the court he is receiving therapy and medication for depression, anxiety and sleep issues.

Lam is the 11th of 18 defendants to plead guilty.