A crypto heist ringleader who helped steal more than £181million in Bitcoin from a single victim has pleaded guilty.
Malone Lam, 22, led an international cybercrime network which targeted wealthy cryptocurrency investors before blowing the proceeds on supercars, mansions, private jets and wild nights out.
The Singaporean – who used online aliases including “Anne Hathaway”, “$$$” and “King Greavy” – admitted taking part in a racketeering conspiracy at a US court.
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In one staggering raid, Lam and his associates stole more than 4,100 Bitcoin, then worth over £181million ($245million), from a single victim.
The gang used sophisticated “social engineering” scams to trick wealthy targets into handing over information that could be used to drain their cryptocurrency wallets, as reported by Need To Know.
During the huge August 2024 theft, two of Lam’s alleged accomplices posed as representatives from Google and cryptocurrency exchange Gemini.
The Washington DC victim was duped into giving them access to his Google Drive and revealing security codes, prosecutors said.
The gang then allegedly used the information to siphon off more than 4,100 Bitcoin.
They set about laundering the stolen cryptocurrency before splashing the proceeds on an extraordinary luxury lifestyle.
Lam spent more than $569,000 (£420,000) in a single night at a Los Angeles nightclub, according to court records.
The FBI said his purchases also included a $2million (£1.48million) watch and more than 30 luxury cars, including custom Porsches, Lamborghinis and Ferraris.
Members of the wider network rented lavish homes in Miami, Los Angeles and the Hamptons, travelled by private jet and hired teams of private security guards.
Luxury handbags worth tens of thousands of dollars were even handed out at nightclub parties.
The criminal enterprise began no later than October 2023 and grew out of connections made through online gaming platforms, according to the US Department of Justice.
Members based in the US and abroad allegedly took on different roles, including identifying wealthy targets, making scam calls, hacking databases and laundering the proceeds.
Some are also accused of breaking into victims’ homes to obtain information that could give them access to cryptocurrency wallets.
Lam, a Singaporean citizen who had been living in Miami, pleaded guilty to one count of participating in a RICO conspiracy at a federal court in Washington DC on Tuesday (8 Sep).
He is one of 18 defendants charged in the sprawling investigation and the 11th to plead guilty.
US Attorney Jeanine Ferris Pirro said: “If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable.
“This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency.”
Lam faces up to 20 years behind bars.
A status hearing has been scheduled for 8 December.
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