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Crypto ringleader pleads guilty in $245 million racketeering scheme

Prosecutors said the scheme stole and laundered more than $245 million in cryptocurrency, and Lam faces up to 20 years in prison.

Reported · Written up by our desk · Regulation

The Block reports that Malone Lam, 22, pleaded guilty Tuesday to one count of federal racketeering conspiracy for his role in an international “social engineering” operation that stole and laundered more than $245 million in cryptocurrency.

According to prosecutors, Lam, a Singapore citizen who lived in Miami, led a network that targeted victims through deception and coordinated the roles of co-conspirators, including Jeandiel Serrano, who was charged alongside him in 2024.

Prosecutors said Lam used aliases including “Anne Hathaway,” “$$$,” and “King Greavy,” and that stolen funds were spent on luxury goods and services, including nightclub expenditures of nearly $500,000 per evening, high end handbags and watches, rental homes in several locations, and luxury cars valued from $100,000 to $3.8 million.

Lam faces up to 20 years in prison, and a status hearing is scheduled for Dec. 8, The Block added.

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