SINGAPOREAN RINGLEADER PLEADS GUILTY IN $245 MILLION CRYPTOCURRENCY RACKETEERING CONSPIRACY

WASHINGTON, D.C. — A Singaporean national accused of leading an international cybercrime enterprise that stole and laundered more than $245 million in cryptocurrency has pleaded guilty to a federal racketeering charge.

Malone Lam, 22, a citizen of Singapore and recent resident of Miami, pleaded guilty on September 8, 2026, before U.S. District Judge Colleen Kollar-Kotelly to one count of participating in a RICO conspiracy. A status hearing is scheduled for December 8, 2026.

According to the Justice Department, the criminal enterprise began no later than October 2023 and continued through at least May 2025. The operation grew through connections formed on online gaming platforms and involved participants located in California, Connecticut, New York, Florida, and abroad.

Lam, who used online aliases including “Anne Hathaway,” “$$$,” and “King Greavy,” organized the enterprise, identified prospective victims, and coordinated the roles of other participants.

Members of the group used social engineering to target cryptocurrency holders and obtain access to their digital assets. The enterprise also used residential break-ins in some cases to gain access to hardware cryptocurrency wallets and other devices containing sensitive account information.

Federal prosecutors said members of the group divided responsibilities among database hackers, organizers, target identifiers, callers, money launderers, and residential burglars. Database hackers obtained or purchased information identifying cryptocurrency holders, and callers used social engineering techniques to convince victims that their accounts were under attack and that assistance was needed to secure them.

The group then used the access obtained through those schemes to steal cryptocurrency and move the proceeds through laundering channels.

The operation was tied to one of the largest individual cryptocurrency thefts described in the broader federal case. In August 2024, Lam and associates obtained more than 4,100 Bitcoin from a victim in Washington, D.C. The cryptocurrency was valued at approximately $263 million at the time of the theft.

Federal authorities said the enterprise used stolen cryptocurrency to finance an extravagant lifestyle that included nightclub spending reaching as much as $500,000 in a single evening, luxury handbags, high-end watches valued from $100,000 to more than $500,000, expensive clothing, rental properties in Los Angeles, the Hamptons, and Miami, private jet travel, private security, and exotic vehicles valued as high as $3.8 million.

The broader investigation also uncovered efforts to convert stolen cryptocurrency into cash and conceal the origin of the proceeds. Other participants in the enterprise used shell companies, cryptocurrency laundering techniques, and intermediaries to move funds and obscure ownership.

Lam was arrested on September 18, 2024, at a rental residence in Miami.

His guilty plea moves his case beyond the allegation stage. Lam has admitted participation in the RICO conspiracy, while sentencing remains pending.

The case is being investigated by the U.S. Attorney’s Office for the District of Columbia, the FBI Washington Field Office, and IRS Criminal Investigation’s Washington, D.C. Field Office. Additional investigative and operational support was provided by the FBI’s Los Angeles and Miami field offices and several U.S. Attorney’s Offices.

The prosecution is being handled by Assistant U.S. Attorneys Christopher R. Howland and David Liss for the District of Columbia.

Federal authorities have described the case as part of a wider dismantling of what prosecutors identified as a coordinated social-engineering enterprise built around cryptocurrency theft, laundering, and related criminal activity.

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