Bitcoin theft: S'porean Malone Lam, 22, pleads guilty in US to organising & leading S$328 million crypto crime ring

Malone Lam, a 22-year-old Singaporean, has pleaded guilty in a U.S. court to a racketeering conspiracy charge over his role in a cryptocurrency theft ring that stole more than US$260 million (about S$328.7 million) from multiple victims.

According to a report by CNA, in a nearly two-and-a-half-hour court hearing on Sep. 8, he admitted to orchestrating and leading the crime ring, which targeted people with large cryptocurrency holdings through so-called "social engineering" attacks.

The case is believed to be the first bitcoin-related case brought by the U.S. Department of Justice under the Racketeer Influenced and Corrupt Organizations (RICO) Act.

It also involves conspiracy charges relating to wire fraud and money laundering.

RICO is a U.S. federal law aimed at combating organised crime.

Lam, a Singaporean, used to study at Unity Secondary School in Choa Chu Kang, but apparently dropped out by the time he turned 14 and spent time playing games online.

He moved to the United States in October 2023.

He had allegedly been living in the U.S. on an expired tourist visa.

Organised "social engineering" attacks

Lam and his co-conspirators carried out "social engineering" attacks targeting individuals believed to hold large amounts of cryptocurrency.

The group impersonated employees of trusted companies, including Google, to trick victims into revealing sensitive information.

Such information included passwords, seed phrases, and authentication codes.

This allowed the group to gain access to victims' cryptocurrency wallets and transfer their funds.

According to a press release by the U.S. Attorney's Office, the criminal enterprise operated from at least October 2023 through May 2025.

In August 2024, the group carried out one of its largest thefts, obtaining more than 4,100 bitcoin from a victim in Washington, DC.

The cryptocurrency was worth about US$230 million (about S$290.8 million) at the time.

Lam was arrested a few weeks later in September 2024.

Bought private jets and luxury cars

The group was said to have laundered the stolen cryptocurrency and converted it into payment cards or cash in an attempt to conceal their digital footprint, CNA reported.

However, Lam’s lavish spending reportedly drew the attention of authorities.

He spent millions of dollars on luxury cars, watches, and clothing, as well as private jets, security guards, and rental properties in Miami, Los Angeles, and the Hamptons.

He also amassed a fleet of luxury vehicles, with some reportedly worth as much as US$3.8 million (S$4.8 million).

Lam was also known to spend hundreds of thousands of dollars on nights out.

On one occasion, he spent US$569,000 (about S$719,548) at a Los Angeles nightclub.

Lam said he was seeing a therapist

According to CNA, during the Sep. 8 hearing, Lam spoke several times, to confirm that he understood and agreed with the prosecution’s account of the case.

He told the court that he was seeing a therapist regularly and taking medication for depression and anxiety, as well as medication to help him sleep.

When asked by the judge how he pleaded, Lam reportedly let out a long sigh before answering: "I plead guilty, Your Honour."

The U.S. government previously made a new plea offer in November 2025.

At an earlier hearing in May 2026, Lam's lawyer said "significant progress" had been made in the case, though no agreement was announced at the time.

Some of Lam's alleged co-conspirators had also indicated that they were prepared to testify against him if the case went to trial.

The case has been adjourned to Dec. 8 for a status hearing, when the judge is expected to set a date for sentencing.

Lam faces a maximum sentence of 20 years in prison.

A total of 18 defendants have been charged in the case, with Lam being the 11th to plead guilty.

Lam and his co-conspirators have also been ordered to repay more than US$245 million (around S$309.7 million) in stolen funds to their victims.

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