Crypto Theft Ring Leader Pleads Guilty in $245M Scheme

A 22-year-old Singaporean national admitted on Tuesday to leading a racketeering conspiracy that stole over $245 million in cryptocurrency.

Malone Lam headed a group that used manipulation of people rather than hacking of software to get what it wanted. The criminal enterprise operated from October 2023 to at least May 2025, according to prosecutors.

Malone Lam's Guilty Plea Ends Two-Year Crypto Heist

Court documents describe Lam as the leader of the international cybercrime conspiracy. He organized the group, chose the victims, and assigned tasks to other members. Lam went by the online handles “Anne Hathaway,” “$$$” and “King Greavy.”

The scheme grew out of contacts made on video game platforms. Participants worked from California, Connecticut, New York, Florida and other countries.

🚨🇸🇬 Malone Lam pleads guilty over $245M Bitcoin social engineering heist

The 22-year-old Singaporean admitted his role in the operation that stole more than 4,100 BTC from a single Washington, D.C. victim in August 2024.

Members of the group impersonated Google and Gemini… pic.twitter.com/zg91LDPsnw

— Dark Web Informer (@DarkWebInformer) September 8, 2026

Social engineering and, in some cases, home invasions gave the group the data needed to empty victims' wallets.

The investigation started with a September 2024 indictment involving 4,100 Bitcoin (BTC) stolen from one person in Washington D.C. That case was later expanded into a larger $263 million ring. A money launderer connected to the operation received a 70-month prison term in April.

Lavish Spending Included Private Jets, Luxury Cars and Club Bills

The spending habits left a clear trail. Nightclub tabs hit $500,000 in one night, and individual watches cost more than $500,000.

Group members also leased houses in Los Angeles, Miami and the Hamptons. They paid for private security, chartered planes and bought exotic cars worth up to $3.8 million.

US Attorney Jeanine Ferris Pirro said the plea should warn anyone considering similar crimes.

“If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable. This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency,” she said.

Judge Colleen Kollar-Kotelly accepted the guilty plea on one RICO conspiracy charge and scheduled a status hearing for December 8. The case underscores a point security experts have been making: as violent crypto wrench attacks and social engineering grow more common, a key vulnerability exists outside the digital wallet.