TLDR
- Malone Lam, 22, pleaded guilty to a RICO racketeering conspiracy for organizing a $245 million crypto theft ring
- The group used social engineering and home break-ins to steal Bitcoin from victims
- Stolen funds were spent on exotic cars, nightclub bills of $500,000 per visit, and luxury goods
- The conspiracy ran from at least October 2023 through May 2025, involving 14 defendants total
- Lam faces a maximum of 20 years in prison; sentencing has not yet been scheduled
Malone Lam, a 22-year-old Singaporean national, pleaded guilty on September 9, 2026 to a federal racketeering conspiracy charge linked to one of the largest cryptocurrency thefts in US history.
Malone Lam, 22, a citizen of Singapore and recent resident of Miami, pleaded guilty today in connection with his role as ringleader of an international cybercrime conspiracy that used social engineering to steal and launder cryptocurrency valued at more than $245 million,… pic.twitter.com/R8Nnz9a7n6
— U.S. Attorney DC (@USAO_DC) September 8, 2026
The scheme stole more than $245 million in Bitcoin from victims across the United States. Lam organized the operation, identified targets, and coordinated his co-conspirators, according to the US Department of Justice.
Lam entered his guilty plea before US District Judge Colleen Kollar-Kotelly. He faces a maximum sentence of 20 years in prison. No sentencing date has been set.
How the Theft Was Carried Out
The criminal network formed through connections on online gaming platforms. Members came from California, Connecticut, New York, Florida, and other countries.
🚨BREAKING: The first ever Bitcoin RICO case has charged 18 people for stealing $263 MILLION in crypto from a SINGLE victim.
Ringleader Malone Lam, a 22-year-old eighth-grade dropout from Singapore, is expected to plead guilty on Tuesday.
He impersonated Google and Gemini staff… pic.twitter.com/xNH8tJKuO3
— Coin Bureau (@coinbureau) September 7, 2026
The group used social engineering to trick victims into handing over confidential information. In some cases, they carried out home break-ins to access hardware wallets and steal private keys.
One early theft involved more than 4,100 Bitcoin stolen from a single victim in Washington, D.C. in August 2024. Attackers posed as Google and Gemini support staff, convincing the victim to reset two-factor authentication and share their screen, exposing private keys.
Stolen funds were laundered through crypto mixers, exchanges, pass-through wallets, and virtual private networks.
From Gaming Chats to RICO Charges
The case started as a two-person indictment against Lam and co-conspirator Jeandiel Serrano, who were arrested in September 2024. By May 2025, prosecutors had expanded the case to include 12 additional defendants and more than $263 million in total alleged crypto thefts.
A separate $14 million theft in July 2024 and a home break-in targeting a hardware wallet were added to the charges.
Prosecutors also said Lam continued directing associates from pretrial detention, including arranging luxury deliveries to his girlfriend.
The group spent stolen funds on at least 28 exotic cars worth up to $3.8 million each, private jets, luxury rental homes in Los Angeles, Miami, and the Hamptons, and high-end watches valued up to $500,000.
Nightclub spending reached $500,000 in a single evening. Hermes Birkin handbags were reportedly thrown into crowds at parties.
Lam dropped out of school in Singapore at 14 and traveled to the US in October 2023, staying after his visa expired in January 2024.
In April 2026, co-conspirator Evan Tangeman was sentenced to 70 months in prison for laundering scheme proceeds.
US Attorney Jeanine Pirro said: “If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable.”
