Malone Lam, a 22-year-old Singapore citizen, pleaded guilty in Washington to racketeering conspiracy for leading a crypto theft and laundering network valued at more than $245 million. The network targeted crypto owners through social engineering and, in some cases, home break-ins to drain their wallets, stealing more than 4,100 Bitcoin from a single victim worth more than $230 million. The stolen funds financed an extravagant lifestyle including private jet rentals, homes in Los Angeles, the Hamptons and Miami, as well as sports cars and luxury watches worth up to more than $500,000. Lam was arrested in September 2025 at a rented home in Miami and faces a status hearing on December 8, while prosecutions against other alleged participants continue.
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