At only 22 years old, Malone Lam has just pleaded guilty in a rather wild case. According to the American justice system, the Singaporean was leading an international network specialized in c
At only 22 years old, Malone Lam has just pleaded guilty in a rather wild case. According to the American justice system, the Singaporean was leading an international network specialized in cryptocurrency theft. The loot exceeds $245 million. Part of it notably came from the theft of 4,100 bitcoins. Before the court, Lam had especially spent a lot.
Bitcoin News: hard to be more flashy. Malone Lam used the nicknames “Anne Hathaway”, “$$$”, or “King Greavy”. At only 20 years old, he frequented a world where money seemed never to run out.
Thus, some nightclub parties cost up to $500,000. The group also bought watches valued between $100,000 and more than $500,000. Luxury bags, sometimes estimated at tens of thousands of dollars, ended up as gifts during the celebrations.
The excess continued with cars. The models purchased were worth between $100,000 and $3.8 million. Added to that were private jets, bodyguards, and rentals in Miami, Los Angeles, or the Hamptons.
Where did the money come from? In August 2024, a Genesis creditor lost $243 million after a particularly sophisticated scam. The fraudsters used a fake Google support number. The victim then changed their Gemini authentication before sending funds to a compromised wallet.
€20 bonus for registering on BitvavoThis link uses an affiliate program.Then, a simple mistake helped investigators. An address linked to luxury clothing purchases was shared. More than $9 million were subsequently frozen.
This time, no more pseudonyms. On September 8, 2026, Malone Lam appeared before Judge Colleen Kollar-Kotelly in Washington. He pleaded guilty to one count of participation in a RICO conspiracy. A new hearing will take place on December 8.
According to court documents, the network had been operating since at least October 2023. Its activities continued until May 2025. Members lived in California, Connecticut, New York, Florida, but also abroad.
Curiously, several met on online gaming platforms. Lam spotted victims, organized attacks, and distributed roles. To recover cryptocurrencies, the group mainly used social engineering. Online intrusions and some burglaries sometimes complemented the method.
The Genesis creditor case clearly shows the level of organization. After the theft, the $243 million were distributed among several wallets. The funds then passed through more than fifteen exchange platforms.
Jeanine Ferris Pirro, federal prosecutor, does not mince her words:
If you build a cybercrime empire, we will find you, dismantle your organization, and hold you accountable. This defendant led an international network that targeted its victims by deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrencies.
Jeanine Ferris Pirro, DOJ
Here is the judicial point to remember. Lam did not simply acknowledge bitcoin theft. He pleaded guilty to participating in a conspiracy under the RICO law, used against structured criminal organizations.
The choice fits the file presented by prosecutors. Lam selected targets and coordinated his accomplices. Some operated online, while others could participate in physical intrusions. Then came the laundering of stolen cryptocurrencies.
The investigation mobilizes many people. The FBI, IRS Criminal Investigation, and the federal prosecutor’s office in Washington are working on the case. Teams from Los Angeles and Miami have also provided support.
One detail is quite telling. To steal bitcoin, the network did not need to break its blockchain. It targeted people directly.
According to a report cited by CoinDesk, nearly 41% of crypto security incidents recorded in 2025 involved fraud, impersonation, or fake investment offers. These practices are said to have caused more than $17 billion in losses that year.
The lesson ultimately comes down to a few words. Securing your bitcoin certainly requires protecting your keys and access. But when faced with fake support, spoofed calls, and social engineering, one must also learn to distrust a perfectly reassuring voice on the phone.
