Malone Lam, a 22-year-old Singaporean, pleaded guilty in a Washington D.C. federal court to one count of RICO conspiracy for stealing and laundering more than $245 million in Bitcoin. In August 2024, he stole over 4,100 Bitcoin from a Washington-area victim through social engineering—impersonating Google and Gemini representatives to extract credentials—rather than any technical exploit. Lam and his co-conspirators attempted to launder the stolen funds by funding an extravagant lifestyle, including more than 30 luxury cars, a $2 million watch, and rented mansions in Miami, with $569,000 spent at a single Los Angeles nightclub. He was arrested in Miami and faces a maximum sentence of 20 years in prison, with sentencing pending before Judge Colleen Kollar-Kotelly.
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