US prosecutors said Lam ran an international network that targeted cryptocurrency holders using social engineering tactics and home break-ins.
Singaporean national Malone Lam pleaded guilty to taking part in a racketeering conspiracy that US prosecutors say used social engineering tactics and home break-ins to steal and launder more than $245 million worth of cryptocurrency.
On Tuesday, the US Justice Department said Lam led the international operation, selected potential victims and coordinated with other members of the conspiracy. Court documents state that the enterprise was built through contacts made on online gaming platforms and remained active from at least October 2023 through May 2025.
The plea marks Lam’s acceptance of criminal responsibility nearly two years after he was charged in connection with the theft of more than 4,100 Bitcoin, valued at over $230 million at the time, from a Washington, DC resident.
Lam pleaded guilty before US District Judge Colleen Kollar-Kotelly to a single count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. The judge set a status hearing for Dec. 8, while the Justice Department has yet to announce a sentencing date.
From a 4100 Bitcoin Theft to a RICO Case
Initially, prosecutors alleged that Lam and Jeandiel Serrano fraudulently obtained more than 4,100 Bitcoin from a single victim on Aug. 18, 2024.
In 2024, blockchain investigator ZachXBT identified the victim as a Genesis creditor. Prosecutors allege that the attackers posed as Google support staff to gain access to the victim’s accounts, then impersonated Gemini support and convinced the victim to reset two-factor authentication and use screen-sharing software, which ultimately exposed the private keys.
Lam and Serrano were arrested on Sept. 18, 2024, with prosecutors unsealing the indictment the next day. Authorities alleged that the pair moved the stolen funds through crypto mixers, exchanges, pass-through wallets and virtual private networks in an effort to launder the proceeds.
On May 15, 2025, prosecutors announced a superseding indictment charging 12 more defendants and broadening the case into an alleged RICO conspiracy tied to more than $263 million in cryptocurrency thefts. The expanded case also covered a separate $14 million theft in July 2024 and an alleged home break-in targeting a hardware wallet.
Prosecutors also alleged that Lam continued to direct associates while in pretrial detention, including arranging for luxury items to be delivered to his girlfriend. Members of the group allegedly used stolen funds to pay for private jets, rental properties, watches and at least 28 exotic cars, while their nightclub spending reportedly climbed to $500,000 in a single evening.
