Malone Lam Pleads Guilty in $245M Crypto Theft RICO Conspiracy

Singaporean national Malone Lam pleaded guilty this week to participating in a racketeering conspiracy that US prosecutors say used social engineering and physical break-ins to steal and launder more than $245 million in cryptocurrency. According to the US Justice Department, Lam organized the international operation, identified prospective victims, and coordinated other conspirators connected through online gaming platforms. The enterprise operated from no later than October 2023 through at least May 2025, court documents show.

The plea establishes criminal responsibility nearly two years after Lam was charged over the theft of more than 4,100 Bitcoin—worth over $230 million at the time—from a Washington, DC resident later identified by blockchain investigator ZachXBT as a Genesis creditor. Prosecutors said Lam and co-conspirator Jeandiel Serrano posed as Google support staff to compromise the victim's accounts, then impersonated Gemini support to persuade the victim to reset two-factor authentication and use screen-sharing software that exposed private keys. Lam pleaded guilty before US District Judge Colleen Kollar-Kotelly to one count of participating in a RICO conspiracy, with a status hearing scheduled for December 8.

On May 15, 2025, prosecutors announced a superseding indictment charging 12 additional defendants and expanding the case into an alleged RICO conspiracy involving more than $263 million in crypto thefts, including a separate $14 million theft in July 2024 and an alleged home break-in targeting a hardware wallet. Prosecutors also alleged that Lam continued directing associates from pretrial detention, including arranging delivery of luxury items to his girlfriend. The group's members allegedly laundered proceeds through crypto mixers, exchanges, pass-through wallets, and VPNs, spending stolen funds on private jets, rental properties, watches, and at least 28 exotic cars, while nightclub bills reportedly reached $500,000.