Malone Lam, a 22-year-old Singapore citizen, has pleaded guilty to one count of RICO conspiracy in a U.S. case tied to more than $245 million in stolen cryptocurrency. Prosecutors said Lam led a group that targeted wealthy crypto holders through social engineering rather than breaking wallet software or cryptographic systems.
According to the case, the group impersonated trusted companies, persuaded victims to hand over sensitive information, and in some cases used remote-access tools to take control of accounts. The largest incident described by prosecutors centered on the theft of more than 4,100 Bitcoin from a single victim in August 2024.
Prosecutors describe a campaign built on impersonation
The government alleged that Lam and others ran a scheme focused on manipulating people into giving up access, not on exploiting flaws in blockchain networks. Prosecutors said the group contacted wealthy cryptocurrency holders, posed as legitimate representatives of well-known companies, and convinced victims to disclose personal data or security credentials.
Phone calls were a key part of the operation, according to the prosecution. In some cases, the group also used remote-access tools after gaining a victim’s trust, allowing them to reach accounts and move digital assets.
The biggest theft involved a Washington victim
The largest theft in the case took place on August 18, 2024, prosecutors said. In that incident, the group allegedly pretended to be representatives of Google and Gemini and used the ruse to gain access to a victim’s Google Drive and security codes.
From there, more than 4,100 BTC was drained from the victim’s wallet. Prosecutors valued that haul at over $245 million, making it the central event in the case described in court filings and plea proceedings.
Other alleged thefts added to the total
The August 2024 incident was not the only theft cited by prosecutors. The case also included an alleged June 2024 theft of roughly $800,000 from one victim and another incident involving about $14 million.
Taken together, prosecutors said the conduct formed part of a broader operation to steal and launder cryptocurrency obtained through deception. Lam’s guilty plea was to a conspiracy charge under the Racketeer Influenced and Corrupt Organizations Act.
Arrest, possible sentence, and next hearing
Lam was arrested in Miami on September 18, 2024. He now faces a maximum sentence of 20 years in prison after pleading guilty to the RICO conspiracy count.
The next confirmed court date is a status hearing scheduled for December 8, 2026. As part of the case, Lam has also agreed to forfeit several luxury vehicles for use as victim compensation.
Why the case stands out
The allegations highlight a recurring risk in crypto crime: attackers may bypass wallet protections by persuading account holders to surrender access themselves. In this case, prosecutors said trust-based deception and account compromise were more important than any attack on the underlying custody technology.
That makes the case notable beyond the dollar amount involved. It points to the role of access controls, account recovery protections, and signer authorization in reducing fraud, even when the underlying cryptographic systems remain intact.
Source: Cryptopolitan