Suspect admits role in $245 million crypto theft ring
A 22-year-old man pleaded guilty to leading a global group that stole hundreds of millions in digital assets.
The alleged theft total is $245 million. Prosecutors identified Malone Lam as the central figure in this scheme. Lam is a 22-year-old Singapore citizen residing in Miami. He pleaded guilty in a U.S. District Court in Washington, D.C. The plea covers one count of participating in a RICO conspiracy.
Court documents state the conspiracy operated from October 2023 to May 2025. Members were located in California, Connecticut, New York, and Florida. The group also included individuals based abroad. Lam allegedly used aliases such as King Greavy and Anne Hathaway to coordinate activities.
Methods of the criminal network
Investigators say the network targeted cryptocurrency holders through deception. The group used online gaming platforms to identify victims. In some instances, members performed home break-ins to access assets. Lam directed other conspirators and assigned specific roles within the operation.
Lavish spending on stolen funds
The group spent stolen cryptocurrency on a high-cost lifestyle. Purchases included luxury watches valued at over $500,000. Exotic cars worth up to $3.8 million were also acquired. The network rented private jets and luxury homes in Los Angeles and the Hamptons.
Members reportedly spent $500,000 on nightclub services in a single evening. They maintained a team of private security guards. The case is being investigated by the FBI and IRS Criminal Investigation. Federal agents in Miami and Los Angeles provided support.
Arrest and upcoming legal steps
Lam was arrested on September 18, 2025, at his rental home in Miami. U.S. Attorney Jeanine Pirro stated that investigators will continue pursuing other members. A status hearing is scheduled for December 8, 2026. The sentencing date has not yet been set. GN markets/crypto (en-US) reported on the financial implications of this case.
