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Malone Lam pleads guilty in $245 million crypto theft conspiracy
Prosecutors said the scheme operated from no later than October 2023 through at least May 2025 and targeted victims after compromising accounts to expose private keys.
Cointelegraph reports that Singaporean national Malone Lam pleaded guilty to participating in a racketeering conspiracy prosecutors say stole and laundered more than $245 million in cryptocurrency.
According to the U.S. Justice Department, Lam organized an international operation that identified prospective victims and coordinated other conspirators, using social engineering and home break ins.
Prosecutors said the enterprise was formed through connections on online gaming platforms and ran from no later than October 2023 through at least May 2025, based on court documents.
Lam pleaded guilty before U.S. District Judge Colleen Kollar-Kotelly to one count of a Racketeer Influenced and Corrupt Organizations conspiracy, with a status hearing set for Dec. 8 and no sentencing date announced.