- Malone Lam pleaded guilty to a RICO conspiracy tied to $245 million in cryptocurrency thefts.
- Lam organized an international operation using social engineering and home break-ins from October 2023 through May 2025.
- The case began with the August 2024 theft of more than 4,100 Bitcoin from a Washington, DC, resident.
- A superseding indictment added 12 defendants and alleged over $263 million in crypto thefts.
On Tuesday, Singaporean national Malone Lam pleaded guilty in Washington, DC, to participating in a racketeering conspiracy that US prosecutors say used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency. The US Justice Department said Lam organized the international operation, identified prospective victims and coordinated other conspirators from no later than October 2023 through at least May 2025.
The plea establishes criminal responsibility nearly two years after Lam was charged over the theft of more than 4,100 Bitcoin, worth over $230 million at the time, from a DC resident. Lam and Jeandiel Serrano were arrested on Sept. 18, 2024, and prosecutors unsealed their indictment the following day, alleging they laundered proceeds through crypto mixers, exchanges, pass-through wallets and virtual private networks.
In 2024, blockchain investigator ZachXBT identified the victim as a Genesis creditor. The attackers allegedly posed as Google support staff to compromise the victim’s accounts before impersonating Gemini support to persuade the victim to reset two-factor authentication and use screen-sharing software that exposed private keys.
On May 15, 2025, prosecutors announced a superseding indictment charging 12 additional defendants and expanding the case into an alleged RICO conspiracy involving more than $263 million in crypto thefts. It included a separate $14 million theft in July 2024 and an alleged home break-in targeting a hardware wallet.
Consequently, prosecutors alleged Lam continued directing associates from pretrial detention, including arranging delivery of luxury items to his girlfriend. Group members allegedly spent stolen funds on private jets, rental properties, watches and at least 28 exotic cars, while nightclub bills reached $500,000 per evening.
The judge scheduled a status hearing for Dec. 8; no sentencing date was announced.
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