Key facts
- Malone Lam, 22, pleaded guilty to racketeering conspiracy in the US.
- He is accused of organizing a group to steal $245 million in bitcoin.
- The stolen funds were laundered and spent on luxury items and vehicles.
- The conspiracy involved individuals from the US and outside the country.
- Victims were targeted through deception and occasional home break-ins.
Singaporean national Malone Lam has pleaded guilty in a US court to racketeering conspiracy charges related to a cryptocurrency theft totaling over $245 million. Prosecutors allege Lam, 22, orchestrated an international operation from at least October 2023 to May 2025, using social engineering and home break-ins to steal bitcoin. The group, formed through online gaming connections, laundered the funds and spent them on luxury items including private jets, rental properties, watches, and at least 28 exotic cars, with nightclub bills reaching $500,000 per evening. Lam faces a maximum of 20 years in prison. The case initially focused on a 4,100 Bitcoin theft from a single victim in August 2024, identified by blockchain investigator ZachXBT as a Genesis creditor. Lam and co-defendant Jeandiel Serrano were arrested in September 2024. A superseding indictment in May 2025 expanded the case to include 12 additional defendants and over $263 million in alleged crypto thefts.