$245 million in stolen crypto funded racketeering crew’s lavish lifestyle
Malone Lam pleaded guilty in D.C. federal court to a racketeering conspiracy that stole and laundered over $245 million in cryptocurrency via social engineering.
Malone Lam, a 22-year-old Singapore citizen, pleaded guilty in Washington D.C. federal court to running a racketeering conspiracy that stole and laundered more than $245 million in cryptocurrency. The operation ran from at least October 2023 through May 2025, grew out of online gaming platforms, and relied on social engineering to trick victims into surrendering wallet access, sometimes including break-ins to victims' homes. Lam was arrested on September 18, 2025 in Miami; prosecutors said members spent lavishly on nightclubs, private jets, and exotic cars priced from $100,000 to $3.8 million.
- Lam pleaded guilty to a $245 million cryptocurrency theft and laundering conspiracy
- Group used social engineering and physical home break-ins to seize wallet access
- Operation ran October 2023 through May 2025 across multiple US states
- Stolen funds bought nightclub tabs, private jets, and cars up to $3.8 million
- Vendors
- U.S. Department of Justice
- Threat actors
- Malone Lam
- Countries
- United StatesSingapore
From the original article
1 min read at helpnetsecurity.com
A 22-year-old man built his fortune by breaking into strangers’ digital wallets, then spent it on nightclub tabs, private jets, and a fleet of cars worth millions. Malone Lam, a Singapore citizen, pleaded guilty this week in a Washington D. C.
By Sinisa Markovic · helpnetsecurity.com
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