Malone Lam pleaded guilty on September 8 to participating in a 245 million cryptocurrency RICO conspiracy tied to a theft from a Washington, DC, resident. The 22-year-old Miami resident and citizen of Singapore now faces up to 20 years in prison and will appear next in court in December.
Prosecutors said the conspiracy ran from about October 2023 through May 2025 and involved at least 16 other people from California, Connecticut, New York, Florida and abroad. They said the group connected primarily through online gaming platforms and used social engineering to gain access to victims' computers and wallets.
Jeanine Pirro on the case
Jeanine Pirro said in a statement released by the U.S. Attorney for the District of Columbia, "If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable". She also said, "This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency."
Prosecutors said a Washington, DC, resident was duped into downloading a program onto his computer that let Lam and others access it and steal over $245 million in cryptocurrency. They said members of the group also broke into some victims' homes to steal a virtual currency hardware wallet.
Miami, Biscayne Bay
Lam dropped his cell phone off a dock at his Miami rental home into Biscayne Bay when he learned authorities were on their way to arrest him. He was arrested in September 2025, and prosecutors said the plea leaves him on track for sentencing exposure of up to 20 years in prison.
Prosecutors said the group spent stolen money on nightclub services that cost up to $500,000 per evening, luxury handbags worth tens of thousands of dollars, watches worth $100,000 to $500,000, five rental homes in Los Angeles, the Hamptons and Miami, private jets and private security guards. They also said the group kept a fleet of cars valued from $100,000 to $3.8 million.
December court date
Lam said in a recorded group call from jail after his arrest, "We always talked about what it would be like if I were to go down, but never thought it would be this crazy." With the plea now entered, the next visible step for him is the December court appearance, while prosecutors keep pressing the case they say reached across states and abroad.
