Singaporean man pleads guilty in US to $245 million cryptocurrency theft

Washington, USA, September 9, 2026 — A Singaporean man has pleaded guilty in the United States to a racketeering conspiracy charge for his role in organising a cryptocurrency theft scheme involving about $245 million in Bitcoin.

Malone Lam, 22, admitted on Tuesday that he conspired with others to steal cryptocurrency and launder the proceeds, according to the US Department of Justice.

Lam faces a maximum sentence of 20 years in prison. US District Judge Colleen Kollar-Kotelly did not immediately set a date for his sentencing.

US authorities described Lam as the leader of an international criminal network that targeted victims through deception and other means to obtain access to their cryptocurrency wallets.

According to court documents, the conspiracy began no later than October 2023 and continued until at least May 2025. The group included individuals from several US states as well as people outside the country who had connected through online gaming platforms.

The Department of Justice said Lam identified potential victims and coordinated the roles of other members of the group. The conspirators allegedly used deceptive methods to obtain confidential information and, in some cases, carried out home break-ins to gain access to information needed to drain victims' cryptocurrency wallets.

Lam and his associates then laundered the stolen proceeds and spent large sums on luxury goods, travel and entertainment, prosecutors said.

According to the Department of Justice, members of the group spent as much as $500,000 during individual visits to nightclubs and purchased more than 30 luxury and exotic vehicles. The vehicles reportedly ranged in value from about $100,000 to $3.8 million.

The stolen funds were also allegedly used to purchase high-end watches worth up to $500,000, expensive clothing, luxury rental properties in Los Angeles, the Hamptons and Miami, private jet travel and private security services.