Leader of $245 million crypto social-engineering ring pleads guilty to RICO charges

Malone Lam, a 22-year-old Singaporean, pleaded guilty in Washington, D.C. federal court to a racketeering conspiracy whose social-engineering crew stole and laundered more than $245 million in cryptocurrency.

Malone Lam, 22, a Singapore citizen, pleaded guilty to RICO conspiracy charges in Washington, D.C. federal court for leading the 'Social Engineering Enterprise,' which stole and laundered more than $245 million in cryptocurrency. Operating from at least October 2023 through May 2025 across multiple US states and growing out of online gaming platforms, the group impersonated Apple and Google customer support, tricking victims into installing remote desktop software to surrender wallet access; members also broke into victims' homes to seize hardware wallets. The Record reports that a single Washington, D.C. victim lost $263 million — a figure that exceeds the $245 million total cited by both reports, a source discrepancy. Lam was arrested on September 18, 2025 in Miami; at least nine co-conspirators have already pleaded guilty. Prosecutors said proceeds funded nightclub tabs, private jets, and exotic cars priced from $100,000 to $3.8 million. Lam faces a December 8 sentencing hearing with a possible 7-to-20-year prison term.

• Malone Lam, 22, a Singapore citizen, pleaded guilty to RICO conspiracy in Washington, D.C. federal court
• The 'Social Engineering Enterprise' stole and laundered more than $245 million in cryptocurrency
• Operation ran from at least October 2023 through May 2025 across multiple US states, growing out of online gaming platforms
• Group posed as Apple and Google customer support and tricked victims into installing remote desktop software
• Crew members committed home break-ins to steal hardware cryptocurrency wallets
• The Record states $263 million was stolen from a single Washington, D.C. victim — a figure exceeding the $245 million total cited by both reports (source discrepancy)
• At least nine co-conspirators have already pleaded guilty
• Lam was arrested on September 18, 2025 in Miami