At only 22 years old, Malone Lam has just pleaded guilty in a pretty crazy case. The Singaporean led, according to American justice, an international network specializing in the theft of cryptocurrencies. The loot exceeds 245 million dollars. Part of it came from a theft of 4,100 bitcoins. Before the court, Lam had especially spent a lot.
In brief
- Colossal loot: Malone Lam pleaded guilty to leading an international network responsible for more than $245 million in crypto thefts.
- A life without brakes: cars reaching $3.8 million, private jets, expensive watches and $500,000 parties accompanied the loot.
- A well-established mechanism: the group used social engineering, identity theft and sometimes burglaries to regain access to its victims’ wallets.
- RICO enters the picture: Lam admitted his participation in a structured conspiracy, having identified the victims and coordinating the roles of his accomplices.
At 20, Malone Lam was already living the high life thanks to bitcoin
Bitcoin news: it’s hard to get more flashy. Malone Lam used the nicknames “Anne Hathaway”, “$$$” and “King Greavy”. At only 20 years old, he lived in a world where money never seemed to run out.
Thus, some club nights cost up to $500,000. The group also purchased watches worth between $100,000 and more than $500,000. Luxury bags, sometimes estimated at tens of thousands of dollars, ended up being given away during the holidays.
Same excess on the car side. The models purchased were worth between $100,000 and $3.8 million. Added to this were private jets, bodyguards and rentals in Miami, Los Angeles or the Hamptons.
Where did the money come from? In August 2024, a Genesis creditor lost $243 million after a particularly elaborate scam. The scammers had used a fake Google support number. The victim then changed their Gemini authentication before sending their funds to a compromised wallet.
Then, a simple error helped the investigators. An address linked to the purchase of luxury clothing had been shared. More than $9 million was subsequently frozen.
Why did the Singaporean plead guilty?
This time, no more pseudonyms. On September 8, 2026, Malone Lam appeared before Judge Colleen Kollar-Kotelly in Washington. He pleaded guilty to one count of participating in a RICO conspiracy. A new hearing will take place on December 8.
According to court documents, the network had been operating since at least October 2023. Its activities continued until May 2025. Members lived in California, Connecticut, New York, Florida, but also abroad.
Curiously, several had met on online gaming platforms. Lam located the victims, organized the attacks and distributed the roles. To recover cryptocurrencies, the group mainly used social engineering. Online intrusions and a few burglaries sometimes completed the method.
The Genesis creditor case clearly shows the level of organization. After the theft, the $243 million was distributed among several wallets. The funds then passed through more than fifteen exchange platforms.
Jeanine Ferris Pirro, federal prosecutor, does not mince her words:
If you build a cybercriminal empire, we will find you, dismantle your organization and hold you accountable. This defendant ran an international network that targeted his victims with deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrencies.
Jeanine Ferris Pirro, DOJ
Why does the RICO law carry so much weight in this case?
This is the legal point to remember. Lam did not simply admit to bitcoin theft. He pleaded guilty to participating in a RICO conspiracy, used against organized criminal organizations.
The choice fits the case presented by the prosecutors. Lam selected targets and coordinated his accomplices. Some intervened online, while others may have participated in physical intrusions. Then came the laundering of the stolen cryptocurrencies.
The investigation also mobilizes a lot of people. The FBI, IRS Criminal Investigation and the Washington federal prosecutor’s office are working on the case. Teams from Los Angeles and Miami also provided support.
There remains a fairly telling detail. To steal bitcoin, the network did not need to break its blockchain. He attacked people directly.
According to a report cited by CoinDesknearly 41% of crypto security incidents recorded in 2025 involved fraud, theft or false investment offers. These practices caused more than $17 billion in losses that year.
The lesson is ultimately contained in a few words. Securing your bitcoin certainly requires protecting your keys and access. But faced with fake media, fake calls and social engineering, you also have to know how to be wary of a perfectly reassuring voice on the phone.
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