Ringleader In $245 Million Bitcoin Theft Pleads Guilty In U.S. Racketeering Case
On Tuesday, September 8, 2026, 22-year-old Singaporean citizen Malone Lam pleaded guilty in Federal District Court in Washington, D.C., to racketeering and conspiracy charges tied to a large cryptocurrency-theft scheme.[1]
Prosecutors say Lam led an international network that stole and laundered more than $245 million in cryptocurrency.[1] They say the group met mainly on online gaming platforms and used social-engineering tactics to defraud holders, including persuading one investor in August 2024 to transfer more than $240 million in Bitcoin.[1]
Federal prosecutors say the enterprise operated between fall 2023 and spring 2025.[1] Lam was arrested in September 2024 with two co-conspirators after the large August 2024 theft.[1] Prosecutors say Lam and associates spent part of the proceeds on a monthlong 2024 luxury spree, buying 31 high-end cars, renting Miami mansions, taking private jets and running a $569,525 nightclub tab.[1]
Fox News had reported Lam was set for a plea hearing in the $240 million bitcoin theft case before the guilty plea.[2] The New York Times published the account of the plea and of prosecutors' allegations about the group's methods and lavish spending.[1]
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📌 Key Facts
- On Tuesday, September 8, 2026, 22-year-old Singaporean citizen Malone Lam pleaded guilty in Federal District Court in Washington, D.C., to racketeering and conspiracy charges tied to a large cryptocurrency-theft scheme.
- Federal prosecutors say the enterprise operated between fall 2023 and spring 2025 and that Lam and his associates stole and laundered more than $245 million in cryptocurrency.
- Prosecutors allege Lam and the group met mainly on online gaming platforms and used social-engineering tactics to defraud cryptocurrency holders, including persuading an investor in August 2024 to transfer more than $240 million in Bitcoin.
- U.S. Attorney Jeanine Pirro said Lam led an international network that 'preyed on victims through deception, invaded their privacy and stole hundreds of millions of dollars in cryptocurrency.'
- Prosecutors say Lam and others spent part of the proceeds on a monthlong luxury spree in 2024, buying 31 high-end cars, renting Miami mansions, taking private jets and running up a $569,525 nightclub bill in Los Angeles while throwing expensive handbags into crowds.
- Lam was arrested in September 2024 along with two co-conspirators following the large August 2024 Bitcoin theft.
📰 Source Timeline (2)
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- On Tuesday, September 8, 2026, 22-year-old Singaporean citizen Malone Lam pleaded guilty in Federal District Court in Washington, D.C., to a racketeering and conspiracy charge tied to a large cryptocurrency theft scheme.
- Federal prosecutors say the enterprise operated between fall 2023 and spring 2025 and that Lam and his associates stole and laundered more than $245 million in cryptocurrency.
- Prosecutors allege Lam and the group met mainly on online gaming platforms and used social-engineering tactics to defraud cryptocurrency holders, including persuading one investor in August 2024 to transfer more than $240 million in Bitcoin.
- U.S. Attorney Jeanine Pirro said in a statement on Tuesday that Lam led an international network that "preyed on victims through deception, invaded their privacy and stole hundreds of millions of dollars in cryptocurrency."
- Prosecutors say Lam and others spent part of the proceeds on a monthlong luxury spree in 2024, buying 31 high-end cars, renting Miami mansions, taking private jets and running up a $569,525 nightclub bill in Los Angeles while throwing expensive handbags into crowds.
- Lam was arrested in September 2024 along with two co-conspirators following the large August 2024 Bitcoin theft.