Singaporean man admits $245m crypto heist

A 22-year-old Singaporean man has pleaded guilty in the United States to helping organise a criminal network that stole about $245 million in Bitcoin and laundered the proceeds.

Malone Lam admitted to a racketeering conspiracy charge in a US federal court. Prosecutors said Lam worked with a group of associates to target cryptocurrency holders and steal funds through deception, cybercrime and, in some cases, physical break-ins.

According to the US Department of Justice, Lam acted as the ringleader of the operation. He allegedly identified potential victims, coordinated the activities of other members and helped organise the movement and laundering of the stolen cryptocurrency.

The criminal group reportedly connected through online gaming platforms. Its members were based in several US states, including California, Connecticut, New York and Florida, as well as outside the United States.

Investigators said the group obtained confidential information from victims by deceiving them. The information was then allegedly used to gain access to their cryptocurrency wallets and transfer the digital assets.

The stolen money funded an extravagant lifestyle. Prosecutors said members of the group spent as much as $500,000 in a single night at nightclubs. They also purchased more than 30 luxury vehicles, with some cars worth millions of dollars.

US authorities said the group spent the cryptocurrency proceeds on luxury watches, designer clothing, expensive Hermes Birkin handbags, private jet trips and high-end rental properties in Los Angeles, the Hamptons and Miami.

Some of the stolen funds were allegedly used in particularly extravagant ways. According to prosecutors, expensive handbags were thrown into crowds at nightclub parties as part of the group’s lavish celebrations.

Authorities also released photographs showing luxury vehicles and large amounts of cash associated with Lam’s lifestyle.

Lam reportedly dropped out of secondary school in Singapore at the age of 14. He travelled to the United States in October 2023 and remained there after his visa expired in January 2024.

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

Lam became known in Los Angeles and Miami nightlife circles for his extravagant spending. His sudden wealth and high-profile lifestyle eventually attracted the attention of law enforcement.

The FBI arrested Lam and another alleged member of the group in September 2024. The investigation subsequently uncovered details of the cryptocurrency theft and the group’s efforts to conceal and spend the proceeds.

US Attorney Jeanine Pirro said authorities would continue pursuing major cybercrime operations and those responsible for stealing digital assets from victims.

Lam now faces a maximum sentence of 20 years in prison. A sentencing date has not yet been set by the federal court.

One of Lam’s co-conspirators, Evan Tangeman, was sentenced earlier this year to 70 months in prison after pleading guilty to laundering proceeds from the scheme. Prosecutors said Tangeman also attempted to destroy evidence following Lam’s arrest.

The case highlights the growing threat posed by sophisticated cryptocurrency theft. Digital assets can be transferred rapidly across borders, while criminals can use multiple transactions and laundering techniques to conceal their origins.