Malone Lam admits role in $245M crypto crime ring

Malone Lam pleaded guilty on Sept. 8 to participating in a racketeering conspiracy that U.S. prosecutors linked to more than $245 million in cryptocurrency thefts. Summary Malone Lam pleaded guilty to one RICO conspiracy count involving $245 million in cryptocurrency thefts. Prosecutors said Lam organized an international network using social engineering and occasional residential break-ins worldwide. More than 4,100 Bitcoin were stolen from one Washington resident during the August 2024 attack. The criminal enterprise operated from October 2023 through at least May 2025, court documents show. Judge Colleen Kollar-Kotelly scheduled a December 8 status hearing without announcing Lam’s sentencing date yet. The 22-year-old Singaporean national entered his plea before U.S. District Judge Colleen Kollar-Kotelly in Washington, D.C. He admitted one count of participating in a Racketeer Influenced and Corrupt Organizations conspiracy, according to the Justice Department’s official statement. Prosecutors described Lam as the organizer of an international network that targeted cryptocurrency holders through impersonation, account takeovers and occasional home break-ins. The group allegedly s...