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Crypto theft suspect pleads guilty in $245M racketeering case
Prosecutors said the scheme targeted crypto owners via social engineering and, at times, home break-ins, operating from October 2023 through May 2025.
Malone Lam pleaded guilty in Washington to leading a crypto theft enterprise prosecutors say stole and laundered more than $245 million in digital assets, according to CryptoSlate. The 22-year-old Singapore citizen admitted Tuesday to participating in a racketeering conspiracy, a key development in a case that began with one of the largest known thefts from an individual Bitcoin holder.
Prosecutors said Lam organized an international network that targeted crypto owners through social engineering and, in some cases, home break-ins to obtain information needed to drain victims' wallets. They said the enterprise operated from at least October 2023 through May 2025 and involved participants across California, Connecticut, New York, Florida, and overseas.
CryptoSlate reports that prosecutors described an operation that grew out of relationships formed on online gaming platforms. Lam, who used online aliases including “Anne Hathaway,” “$$$” and “King Greavy,” selected targets and coordinated roles, prosecutors said.
Prosecutors said the proceeds funded an extravagant lifestyle, including spending up to $500,000 during a single nightclub evening and buying luxury items, private-jet rentals, and exotic cars valued as much as $3.8 million. They also said the case became public in 2024 after accusations tied the group to the theft of more than 4,100 Bitcoin from a single Washington, D.C., victim on Aug. 18, 2024, with the coins worth more than $230 million at the time; the $245 million figure cited by the Justice Department covers stolen and laundered crypto across the broader enterprise, not only that single incident.
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