Singaporean Man Malone Lam Pleads Guilty to $245m Bitcoin Theft Conspiracy

A 22-year-old Singaporean man, Malone Lam, has pleaded guilty in the United States to a racketeering conspiracy charge over his role in one of the largest cryptocurrency thefts ever recorded.

Lam admitted to conspiring with associates to steal $245m (£181m) worth of bitcoin and launder the proceeds. BBC reported the development on Tuesday.

According to the US Department of Justice (DOJ), Lam and his associates used the stolen funds to finance an extravagant lifestyle, including spending as much as $500,000 during individual visits to nightclubs.

The group also allegedly purchased a fleet of exotic cars, with values ranging from $100,000 to $3.8m.

Lam faces a maximum prison sentence of 20 years, although US District Judge Colleen Kollar-Kotelly has not yet scheduled his sentencing hearing.

“If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable,” said US Attorney Jeanine Pirro 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,” she added.

Lam told US investigators that he dropped out of secondary school in Singapore at the age of 14. He travelled to the United States in October 2023 and remained in the country after his visa expired in January 2024.

Court documents said the conspiracy began no later than October 2023 and continued until at least May 2025.

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The alleged co-conspirators were based in California, Connecticut, New York, Florida and outside the US, and met through online gaming platforms.

The DOJ described Lam, who also used the aliases Anne Hathaway, $$$ and King Greavy, as the ringleader of the criminal enterprise.

Prosecutors said he identified potential victims and coordinated the roles of other members of the group, who allegedly used deception to obtain confidential information from their targets.

The group also allegedly carried out occasional break-ins at victims’ homes to obtain information that enabled them to access and drain cryptocurrency wallets.

The stolen cryptocurrency was used to fund lavish purchases and parties. According to the DOJ, the proceeds were used to purchase Hermès Birkin handbags worth tens of thousands of dollars, which were reportedly thrown into crowds during nightclub parties.

Other purchases allegedly funded with the stolen money included luxury watches worth up to $500,000, designer clothing valued in the tens of thousands of dollars, rental properties in Los Angeles, the Hamptons and Miami, as well as private jet rentals and a team of private security guards.

The case highlights the growing sophistication of cryptocurrency-related criminal operations, with US authorities vowing to pursue individuals involved in large-scale digital asset theft and money laundering.