WASHINGTON, Sept 9 — Singaporean Malone Lam pleaded guilty in a federal court to a racketeering conspiracy charge for leading a cryptocurrency theft ring that stole more than US$260 million (RM1.05 billion) from victims across the United States.
In yesterday’s hearing, Lam, 22, admitted organising a sophisticated “social engineering” operation that targeted people with large cryptocurrency holdings, according to a CNA report.
He and his co‑conspirators impersonated employees of trusted companies, including Google, to persuade victims to disclose passwords, seed phrases and authentication codes that unlocked their digital wallets.
“I plead guilty, Your Honour,” Lam said after a long sigh, following prosecutors’ account of how he used those stolen credentials to direct the group’s attacks.
Prosecutor Christopher Howland told the court that Lam “played multiple roles” in the scheme, which the Department of Justice considers its first bitcoin‑related case brought under the Racketeer Influenced and Corrupt Organizations (RICO) Act.
Lam faces a maximum sentence of 20 years in prison.
He told the court he is receiving therapy and medication for depression, anxiety and sleep issues.
Lam is the 11th of 18 defendants to plead guilty.
The group’s largest theft occurred in August 2024, when Lam and his associates accessed a victim’s wallet and obtained more than 4,100 bitcoin valued at about US$230 million at the time.
Authorities arrested Lam weeks later after his spending on luxury cars, private jets, security guards and high‑end rental properties drew attention.
Court filings show he bought vehicles worth up to US$3.8 million each and spent hundreds of thousands of dollars on single nights out, including US$569,000 at a Los Angeles nightclub.
Lam and his co‑conspirators attempted to launder stolen cryptocurrency by converting it into payment cards or cash.
His guilty plea followed months of uncertainty over whether he would accept a deal, with some co‑defendants prepared to testify against him if the case went to trial.
Lam is scheduled to return to court on Dec 8 for a status hearing, when a sentencing date is expected to be set.
He and his co‑conspirators have been ordered to repay more than US$245 million to victims.
