Search: “racketeering”

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Singaporean Ringleader of $245 Million Cryptocurrency Racketeering Enterprise Pleads Guilty in Washington D.C.

Singaporean Malone Lam pleaded guilty in Washington D.C. to leading a social-engineering conspiracy that stole and laundered over $245 million in cryptocurrency.

Malone Lam, a 22-year-old Singaporean citizen residing in Miami, pleaded guilty in U.S. District Court in Washington D.C. for his role as ringleader of an international cybercrime conspiracy. The group used social engineering to steal cryptocurrency valued at more than $245 million and launder the proceeds. U.S. Attorney Jeanine announced the plea, which marks a major milestone in the prosecution of the crypto theft ring.

DataBreaches.netSep 8, 18:04 UTC · 8d agoPolicy & legal

Party’s Over for Crypto Scammers Who Went on a Spending Spree After a $240 Million Bitcoin Theft

Malone Lam's plea hearing approaches in the $240 million bitcoin social engineering theft; the case highlights surging crypto fraud and limited enforcement.

Malone Lam, accused of organizing a social engineering attack that stole over $240 million in bitcoin (4,100+ BTC) from a Washington, D.C. resident in August 2024, has a plea agreement hearing set. Callers impersonating Google and Gemini staff tricked the victim into revealing security codes. Lam and 17 co-defendants spent lavishly before FBI arrests; crypto investment fraud complaints to the FBI rose nearly 50% in 2025 while DOJ disbanded its crypto crimes unit.

SecurityWeekSep 8, 13:00 UTC · 9d agoPolicy & legal