Malone Lam, a 22-year-old Miami resident from Singapore, has pleaded guilty in a U.S. case tied to one of the biggest bitcoin thefts in history, according to Bitcoin Magazine.
Lam admitted on Tuesday that he served as the ringleader of an international crime group that stole 4,100 BTC, worth more than $230 million at the time, prosecutors said. The broader theft involved $245 million in bitcoin and other cryptocurrencies and, according to authorities, financed an extravagant lifestyle.
DOJ details the scheme
The U.S. Department of Justice said Lam and others operated from October 2023 through at least May 2025. During that period, they hacked databases, stole crypto users’ information, and tricked victims into handing over account logins and private keys.
The department said the conspiracy under the Racketeer Influenced and Corrupt Organizations Act relied on social engineering and, at times, home break-ins to collect the information needed to drain victims’ crypto wallets.
One incident involved a hardware wallet theft
In one case, a co-defendant broke into a residence in New Mexico and stole a hardware wallet while Lam monitored the victim’s movements by hacking the victim’s iCloud account.
The indictment said the crimes began after a group of online gamers became friends and then worked together to carry out the cybercrimes.
Prosecutors say stolen funds paid for luxury spending
According to the DOJ, Lam and his co-defendants laundered the stolen bitcoin and spent the money on bottle-service parties, private jet rentals, security guards, luxury handbags, watches, and properties in Los Angeles, the Hamptons, and Miami.
Tuesday’s announcement said the defendants spent as much as $500,000 in a single night on parties and gave away designer handbags worth tens of thousands of dollars.
Statements from prosecutors
U.S. Attorney Jeanine Ferris Pirro said in a statement: "This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency."
Pirro added: "If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable."
Bitcoin Magazine also reported that Lam was arrested in 2024 at his rental home in Miami.
The original report was published by Bitcoin Magazine and written by Mathew Di Salvo.