Malone Lam, a 22-year-old Singaporean man also known as Greavys, pleaded guilty on Sept. 8 in federal court in Washington, D.C., to a federal conspiracy charge involving extortion. Prosecutors say the case involves $245 million in stolen cryptocurrency. Lam allegedly organized a cross-border social engineering network that used fake customer-support schemes, database intrusions and hardware-wallet thefts to obtain victims’ crypto assets. The U.S. Department of Justice said the group had been operating since at least October 2023. Its members allegedly gathered victim information through social engineering and occasional home burglaries before transferring the cryptocurrency. Prosecutors said the stolen funds were spent on luxury cars, high-end watches, private jet rentals and nightclub expenses, with spending at one club reaching as much as $500,000 in a single night. Co-defendant Evan Tangeman was sentenced to 70 months in prison for money laundering in April this year. Lam faces up to 20 years in prison. His sentencing hearing is scheduled for Dec. 8.
Malone Lam, a 22-year-old Singaporean man known by the alias Greavys, pleaded guilty on Sept. 8 in federal court in Washington, D.C., to a federal conspiracy charge involving extortion. The case concerns $245 million in cryptocurrency, according to BlockBeats.
Prosecutors allege cross-border social engineering operation
Prosecutors accused Lam of organizing a cross-border social engineering network that stole victims’ crypto assets through fake customer-support scams, database intrusions and hardware-wallet thefts.
The U.S. Department of Justice said the criminal group had operated since at least October 2023. Members allegedly used social engineering tactics and occasional home burglaries to obtain information about victims, then transferred their cryptocurrency.
The stolen funds were used to buy luxury cars and high-end watches, rent private aircraft and pay for nightclub spending. According to the prosecution, spending at one nightclub reached as much as $500,000 in a single night.
Co-defendant received 70-month sentence
Co-defendant Evan Tangeman was sentenced to 70 months in prison for money laundering in April this year.
Lam faces a maximum sentence of 20 years in prison. His sentencing hearing is scheduled for Dec. 8.
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