- Malone Lam pleaded guilty to participating in a criminal conspiracy under the RICO Act.
- The group stole and laundered more than $245 million in cryptocurrency.
- Participants used social engineering and, in some cases, broke into victims’ homes.
- Stolen funds financed luxury cars, watches, private jets, homes, personal security and entertainment.
Malone Lam, a 22-year-old Singaporean national who had recently been living in Miami, pleaded guilty in Washington’s federal district court to one count of conspiracy under the RICO Act in an international cybercrime case tied to the theft of more than $245 million in cryptocurrency. U.S. law enforcement said the group operated from at least October 2023 to May 2025, stealing and laundering cryptocurrency and spending the proceeds on luxury goods and entertainment.
The Racketeer Influenced and Corrupt Organizations Act, known as RICO, targets organized crime.
Social engineering and home break-ins
Members of the group approached potential victims, including through online gaming platforms, and used social engineering to obtain information needed to steal cryptocurrency. In some cases, the perpetrators also broke into victims’ homes.
According to investigators, Lam used the aliases Anne Hathaway, $$$ and King Greavy. He coordinated the group’s operations, identified potential victims and assigned roles to participants in the scheme.
The group spent the stolen cryptocurrency on luxury items and expensive entertainment. Its members paid as much as $500,000 for a single night at nightclubs and purchased watches costing from $100,000 to more than $500,000, along with expensive clothing and bags.
They also rented homes in Los Angeles, the Hamptons and Miami, and hired private jets and personal security. The group purchased a fleet of exotic cars priced from $100,000 to $3.8 million.
Arrest and investigation
Law enforcement arrested Lam on September 18, 2025, at a home he was renting in Miami.
U.S. Attorney Jeanine Ferris Pirro said law enforcement would continue pursuing cybercriminals who use technology to steal funds.
“If you build a cybercriminal empire, we will find you, shut down your operation, and hold you accountable,” Pirro said.
The court scheduled a status hearing for December 8, 2026. The FBI and the Internal Revenue Service’s Criminal Investigation division are conducting the investigation with several regional law enforcement units.
Source: Incrypted
