On Tuesday, a 22-year-old man admitted guilt in a case involving one of the largest cryptocurrency heists ever, deceiving an individual out of bitcoin exceeding $240 million.
Malone Lam, who left school in the eighth grade and moved to the U.S. from Singapore, collaborated with accomplices to illegally acquire nearly a quarter-billion dollars in bitcoin from a resident of Washington, D.C. This incident marks one of the largest cryptocurrency thefts in American history, following which he indulged in an extravagant shopping spree with the laundered funds.
Facing a potential sentence of up to 20 years, Lam pleaded guilty to a federal charge of racketeering conspiracy. U.S. District Judge Colleen Kollar-Kotelly has yet to schedule a hearing for sentencing in Washington.
According to prosecutors, Lam played a key role in an operation involving a group of young men who executed a series of cryptocurrency scams beginning in 2023.
The allegations against Lam, along with 17 others, highlight an alarming trend in cybercrime. Reports of cryptocurrency investment fraud submitted to the FBI surged nearly 50% in 2025, coinciding with the previous administration’s reduced regulatory efforts regarding the volatile sector.
Last year, the Justice Department dissolved a unit that was specifically focused on pursuing crimes related to cryptocurrencies.
Meanwhile, cryptocurrency firms that expressed concerns about unfavorable treatment during the Democratic presidency are now benefiting from a more lenient environment under the Trump administration, which reportedly saw about $1.2 billion generated from crypto ventures in 2025.
A man referred to as “Victim 7” in court documents was at home in Washington on August 18, 2024, when he received a call. The first caller introduced himself as a Google representative checking on suspicious activity linked to his account. A second caller, claiming to represent the Gemini cryptocurrency exchange, warned the individual of a potential malware threat to his crypto wallet.
The callers expertly manipulated the victim into granting access to his Google Drive and disclosing security codes, which enabled Lam to steal over 4,100 bitcoins, as stated by the prosecutors. They highlighted that Lam and his accomplices, Veer Chetal and Jeandiel Serrano, chose this particular individual due to his status as a wealthy, experienced cryptocurrency investor.
A recording captured the moment when the thieves realized the magnitude of their haul, as noted in a video from a well-known cryptocurrency crime investigator known as ZachXBT.
Their extravagant spending spree spanned a month before FBI agents apprehended Lam in Miami. According to the indictment, an off-duty police officer informed Lam that law enforcement was en route to arrest him.
Reflecting on his situation during a recorded conversation from jail, Lam stated, “We often discussed what it would be like if I were to get caught, but I never imagined it would escalate this far.”
Lam’s lavish acquisitions included a $2 million watch and more than 30 luxury cars, such as custom Porsches, Lamborghinis, and Ferraris, according to FBI reports. When asked by the judge whether he remembered which cars he personally bought, Lam replied, “I would need some time.”