Singaporean Malone Lam has pleaded guilty to participating in a racketeering conspiracy that US prosecutors say used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrencies.
On Tuesday, the US Department of Justice said said That Lam organized international operations, identified potential victims and coordinated other conspirators. The enterprise was formed through connections to online gaming platforms and operated from October 2023 to at least May 2025, according to court documents.
The plea establishes criminal liability nearly two years after Lam was charged with stealing more than 4,100 bitcoins, valued at more than $230 at the time, from a Washington, DC resident.
Lam pleaded guilty before US District Judge Colleen Koller-Cotelli to participating in a Racketeer Influenced and Corrupt Organization (RICO) conspiracy. The judge scheduled a status hearing for Dec. 8, but the Justice Department has not announced a sentencing date
From a 4,100 bitcoin theft to a RICO case
Initially, prosecutors accused Lam and Zendiel Serrano of fraudulently obtaining more than 4,100 bitcoins from a single victim on August 18, 2024.
In 2024, blockchain investigator ZachXBT identified the victim as Genesis Creditor. The attackers allegedly posed as Google support staff to compromise the victim’s account before impersonating Gemini Support to convince the victim to reset two-factor authentication and use screen-sharing software that revealed private keys.
Lam and Serrano were arrested on September 18, 2024, and prosecutors unsealed their indictment the next day. Prosecutors allege the pair laundered money through crypto mixers, exchanges, pass-through wallets and virtual private networks.
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On May 15, 2025, prosecutors announcement An additional indictment charges 12 additional defendants and expands the case to an alleged RICO conspiracy involving the theft of more than $263 million in crypto. This included a separate $14 million theft in July 2024 and an alleged home break-in targeting a hardware wallet.
Prosecutors also alleged that Lam continued to direct accomplices from pretrial detention, including arrangements to deliver luxury items to his girlfriend. Members of the group allegedly spent the stolen funds on private jets, rental properties, watches and at least 28 foreign cars, while nightclub bills reached $500,000 per evening.
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