Singaporean Malone Lam pleads guilty in US court over role in US$260m cryptocurrency theft ring
Singaporean national Malone Lam has pleaded guilty in a US court to racketeering charges related to a $260 million cryptocurrency theft ring. Lam admitted to leading a group that used social engineering to target high-value crypto holders.
Why it matters
This case marks a significant legal precedent as the first bitcoin-related prosecution under the US RICO Act, signaling a tougher federal approach to organized cybercrime.
The 22-year-old faces up to 20 years in prison.
Malone Lam holding up large amounts of cash at a nightclub in Miami, the United States, in September 2024. (Photo: United States Department of Justice)
WASHINGTON: Singaporean Malone Lam pleaded guilty in a US court on Tuesday (Sep 8) to a racketeering conspiracy charge over his role in a cryptocurrency theft ring that stole more than US$260 million from multiple victims.
The 22-year-old admitted orchestrating and leading the crime ring, which targeted people with large cryptocurrency holdings through "social engineering" attacks.
The case is believed to be the first bitcoin-related case the Department of Justice has built under the Racketeer Influenced and Corrupt Organizations (RICO) Act. It includes conspiracy charges involving wire fraud and money laundering.
Lam faces a maximum prison term of 20 years.
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