Defendant Pleads Guilty to $245 Million Crypto Theft

Malone Lam pleaded guilty to stealing $245 million in cryptocurrency. The 22-year-old admitted his role in a federal racketeering conspiracy. The theft represents one of the largest single-victim crypto losses in U.S. history.

Lam used the stolen funds to purchase over 30 luxury vehicles. He also rented high-end properties in Miami and spent millions at nightclubs. Prosecutors noted a single evening at a Los Angeles club cost $569,000.

Impersonation scheme targeted Google and Gemini

The group posed as representatives of Google and the Gemini exchange. They convinced a Washington, D.C., resident to provide Google Drive access. The victim also revealed security codes to the fraudsters.

This access allowed the theft of more than 4,100 bitcoin. The value at the time exceeded $245 million. The operation ran from October 2023 to May 2025.

Global network executed the theft

The Justice Department identified 18 defendants in the case. Lam is the 11th to plead guilty. The group included members in California, Connecticut, New York, Florida, and abroad.

Members formed connections through online gaming platforms. They used social engineering to gain trust. The assets were laundered and converted into cash.

Defendant faces twenty years in prison

Lam faces a maximum sentence of 20 years. A status hearing is scheduled for December 8, 2026. GN markets/crypto (en-US) reported that Lam is a Singaporean citizen residing in Miami.