Malone Lam Pleads Guilty in $245M Crypto Scam

The Federal Guilty Plea

On September 8, 2026, 22-year-old Singaporean citizen Malone Lam formally pleaded guilty in federal court to one count of racketeering conspiracy under 18 U.S.C. § 1962(d). Appearing before Senior U.S. District Judge Colleen Kollar-Kotelly in the U.S. District Court for the District of Columbia, Lam admitted to organizing an international cybercrime network that drained more than $245 million from private cryptocurrency holders.

According to federal prosecutors, the ring did not rely on software vulnerabilities or cracking encryption algorithms. Instead, the enterprise executed systematic voice phishing and deceptive social engineering attacks against high-net-worth digital asset holders.

Mechanics of the August 2024 Theft

Court records detail that the conspiracy’s largest single operation took place in August 2024, targeting a Washington, D.C. investor identified in filings as "R.W." Conspirators initially contacted the victim using forged notifications claiming unauthorized access to his cloud accounts, followed immediately by phone calls from callers posing as Google technical support.

Once the victim was engaged, the callers escalated the perceived emergency by claiming his cryptocurrency holdings were being actively compromised, transferring him to an accomplice impersonating a security representative from the Gemini cryptocurrency exchange. Under the pretext of conducting a live diagnostic scan to secure the account, the callers persuaded the victim to install AnyDesk, a commercial remote-desktop application. Using live screen-sharing, the conspirators obtained two-factor authentication tokens, located stored private keys, and siphoned over 4,100 Bitcoin—valued at approximately $245.9 million—into controlled pass-through wallets.

Luxury Dissipation and Asset Forfeiture

Following the theft, Lam—operating under aliases such as "King Greavys," "$$$," and "Anne Hathaway"—and his associates rapidly spent the stolen funds on high-end luxury consumption. Prosecutors documented expenditures that included nightclub bills of up to $500,000 in a single evening, luxury watches valued between $100,000 and $500,000, chartered private jets, and a fleet of exotic cars worth up to $3.8 million each.

Under the terms of his plea agreement, Lam agreed to forfeit all rights to his seized assets, including luxury vehicles manufactured by Ferrari, Rolls-Royce, and Lamborghini, which will be liquidated toward a victim restitution fund.

Sentencing and Legal Status

Lam faces a statutory maximum penalty of up to 20 years in federal prison, monetary fines, mandatory restitution, and potential deportation upon completion of his sentence. Judge Kollar-Kotelly did not set an immediate sentencing date, instead directing the parties to appear for a status hearing on December 8, 2026, to address asset forfeiture logistics and restitution accounting.

A May 2025 superseding indictment unsealed in D.C. federal court charged 12 additional individuals in connection with the enterprise. While co-defendant Evan Tangeman was sentenced in April 2026 to 70 months in prison following a guilty plea, charges against other indicted co-defendants remain unadjudicated allegations, and they remain presumed innocent unless proven guilty in court.