Featured image adapted from US Department of Justice via CNA and iainteventrippen_ on Instagram.
Singaporean Malone Lam pleaded guilty in a United States (US) court on Tuesday (8 Sept) for his role in leading an international cryptocurrency theft ring.
Source: Broward County Mugshots Zone
The 22-year-old admitted to orchestrating a cybercrime operation that targeted cryptocurrency holders and stole more than US$260 million (S$328.6 million) from multiple victims.
According to CNA, Lam “let out a long sigh” before pleading guilty to one count of participating in a conspiracy under the Racketeer Influenced and Corrupt Organizations (RICO) Act.
The US Attorney’s Office said the criminal enterprise had been operating since at least October 2023.
Source: US Department of Justice via CNA
Its members targeted people with large cryptocurrency holdings using social engineering tactics, where scammers impersonate trusted companies or individuals to trick victims into revealing sensitive information.
On occasion, they carried out home break-ins to obtain information that could give them access to victims’ cryptocurrency wallets.
Lam, who also went by online aliases including “Anne Hathaway”, “$$$”, and “King Greavy”, organised the operation, selected potential victims, and coordinated the roles of his co-conspirators.
One of the group’s biggest thefts took place in August 2024, when its members targeted a victim in Washington, DC, who held a large amount of bitcoin.
The conspirators posed as employees of trusted companies, including Google, and convinced the victim to hand over information that gave them access to his cryptocurrency.
They eventually made off with more than 4,100 bitcoin, worth over US$245 million (S$310 million).
In total, CNA reported that the group stole more than US$260 million from multiple victims, with members using the proceeds to fund an extravagant lifestyle.
Source: @iainteventrippen_ on Instagram
According to the US Attorney’s Office, the group spent as much as US$500,000 (S$632,000) in a single evening at nightclubs.
They also splurged on luxury handbags worth tens of thousands of dollars, some of which were given away at nightclub parties.
Beyond partying, members of the group spent the stolen funds on luxury watches, clothing, private jet rentals, rental homes, security guards, and other lavish purchases.
Source: US Attorney’s Office, District of Columbia
Lam also purchased a fleet of exotic cars, including a Pagani Huayra for US$3.8 million (S$4.8 million).
Source: @starworldlab on Instagram
He was eventually arrested at his rental home in Miami on 18 Sept 2025.
Lam faces up to 20 years in prison and may also be deported to Singapore or another country of his choosing.
A status hearing has been set for 8 Dec 2026, after which a sentencing date is expected to be determined.
Under his plea agreement, Lam also agreed to forfeit assets, including several luxury vehicles, to help compensate the victims.
CNA reported that he and his co-conspirators have been ordered to repay more than US$245 million in stolen funds.
Also read: ‘Unauthorised access’ Apple alerts could be a scam, police warn after S$195K Crypto losses
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Featured image adapted from US Department of Justice via CNA and iainteventrippen_ on Instagram.