Singaporean man pleads guilty in $245m crypto theft in US; blew millions on jets, supercars, clubs

A 22-year-old Singaporean man has admitted helping run an international scheme that stole and laundered more than $245 million in cryptocurrency through social engineering.Malone Lam, who had been living in Miami, pleaded guilty Tuesday in federal court in Washington, DC, to one count of participating in a racketeering conspiracy, US Attorney Jeanine Ferris Pirro announced.Prosecutors said Lam helped organise the operation, selecting victims and assigning roles to other members of the network. The group allegedly used information obtained through deception, along with occasional break-ins at victims' homes, to gain access to cryptocurrency wallets.The conspiracy began no later than October 2023 and continued until at least May 2025, according to court documents. Investigators said participants were based across several US states as well as overseas, with some connections formed through online gaming platforms.Lam used several aliases, including "Anne Hathaway", "$$$" and "King Greavy", according to prosecutors.The stolen cryptocurrency was used to fund an extravagant lifestyle, including private jet travel, luxury watches worth more than $500,000, designer clothing and handbags, and rental properties in Los Angeles, the Hamptons, and Miami.Prosecutors also said members of the group spent as much as $500,000 on nightclub services in a single evening, handed out expensive handbags at parties and maintained private security. The enterprise also acquired exotic cars valued from $100,000 to $3.8 million.Lam was arrested on September 18, last year at a rental property in Miami.Attorney Pirro said investigators would continue pursuing those involved in the operation."If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable," he said.Lam entered his plea before US District Judge Colleen Kollar-Kotelly, who scheduled his next status hearing for December 8.The investigation involves the US Attorney's Office for the District of Columbia, the FBI's Washington Field Office, and the IRS Criminal Investigation Washington, DC, Field Office, with support from federal offices in California, Florida, and New Jersey.Catch the latest World News and Live updates. Download the TOI app.