Florida defendant admits to $245 million crypto theft plot

Malone Lam pleaded guilty to a RICO conspiracy involving $245 million in stolen cryptocurrency. The 22-year-old Singapore citizen admitted to directing an international cybercrime group from Miami. Prosecutors stated that the operation targeted digital asset holders through deception and physical break-ins.

The scheme operated from October 2023 through May 2025. Members were located in California, Connecticut, New York, Florida, and overseas. Lam used aliases including "Anne Hathaway" and "King Greavy" to coordinate the thefts.

Luxury spending fueled by stolen funds

Investigators found that the group converted stolen crypto into high-value goods. The assets included luxury watches worth over $500,000 and exotic cars valued up to $3.8 million. The network also purchased private jets and maintained rental properties in Los Angeles, the Hamptons, and Miami.

The conspirators spent as much as $500,000 on a single evening of nightclub services. They employed a team of private security guards to protect their lifestyle. These expenditures were directly funded by the proceeds of the alleged theft.

Federal investigation and legal proceedings

Lam was arrested on September 18, 2025, at his Miami rental home. The FBI and IRS Criminal Investigation led the probe with support from local agents. U.S. Attorney Jeanine Pirro stated that the defendant led a network that preyed on victims through deception.

The case remains under active federal jurisdiction. Judge Colleen Kollar-Kotelly scheduled a status hearing for December 8, 2026. No sentencing date has been set for the defendant. Sources cited by GN markets/crypto (en-US) confirm the ongoing legal process.

Network structure and operational scope

The organization relied on a decentralized structure across multiple jurisdictions. Members in the United States and abroad executed specific roles in the theft. Lam identified targets and managed the distribution of tasks among the conspirators.