Key Takeaways
Malone Lam pleaded guilty as the ringleader of an international crime group responsible for a massive cryptocurrency heist.
According to Bitcoin Magazine, Malone Lam, a 22-year-old Miami resident from Singapore, pleaded guilty on Tuesday to his role as the ringleader of an international crime group that stole $245 million in cryptocurrency. The U.S. Department of Justice stated that the network stole 4,100 bitcoins, valued at over $230 million at the time, between October 2023 and at least May 2025.
Bitcoin Magazine reported that the conspirators used social engineering, hacked databases, and occasional home break-ins to obtain private keys and user information from victims. U.S. Attorney Jeanine Ferris Pirro noted that the group preyed on victims through deception and invaded their privacy.
The indictment detailed that the crimes originated from a group of online gamers who became friends. Lam and his co-defendants laundered the stolen bitcoin, using the funds to finance a luxury lifestyle that included private jet rentals, properties in Los Angeles, the Hamptons, and Miami, and expensive parties. Lam was arrested in 2024 at a rental home in Miami.
Source & Fact-Check Note
This report is synthesized from coverage by Bitcoin Magazine. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at Bitcoin Magazine ↗
