Malone Lam, 22, admits guilt in a cryptocurrency fraud case
WASHINGTON – A man from Singapore has accepted responsibility for his involvement in a global cryptocurrency fraud scheme that amassed over $245 million, as reported by the U.S. Attorney’s Office in Washington, D.C.
Here are the key details:
Malone Lam, a 22-year-old Singaporean, is currently residing in Miami, Florida, according to court records. He has been charged with using social engineering tactics to steal and launder cryptocurrency and pled guilty to a single count of conspiracy under the RICO Act.
Court filings indicate that the fraudulent activities commenced in October 2023 and persisted until at least May 2025. The scam was established through connections made on online gaming platforms and involved participants from California, Connecticut, New York, Florida, and other locations worldwide.
According to the court documents, the RICO conspiracy utilized social engineering methods and physical intrusions to gather data, enabling the perpetrators to deplete their victims’ cryptocurrency wallets.
Allegedly, Lam orchestrated the operation by pinpointing potential victims and coordinating the actions of other individuals involved in the scheme, as detailed in the court records.
The criminals purportedly funneled the illicit gains into extravagant expenditures, including high-end nightclub services valued at up to $500,000 per night, luxury handbags distributed at events, expensive watches and clothing, rental residences, chartered private jets, security teams, and a collection of exotic automobiles.
Lam was taken into custody on September 18, 2025, at his rented residence in Miami, as noted in court documents.
U.S. Attorney Jeanine Pirro stated, “If you create a cybercrime organization, we will discover you, dismantle your operation, and ensure you are held accountable. This defendant ran an international network that exploited victims through deceit, invaded their privacy, and stole hundreds of millions in cryptocurrency.”
He is set to face sentencing on December 8.
The Source: Information contained in this report originates from the U.S. Attorney’s Office of Washington, D.C.