Crypto Ringleader Pleads Guilty to $245 Million Theft

A Singaporean man has pleaded guilty to leading an international cryptocurrency theft and money laundering enterprise that prosecutors say stole and laundered more than $245 million. Malone Lam, 22, admitted to participating in a Racketeer Influenced and Corrupt Organizations Act, or RICO, conspiracy in U.S. District Court in Washington on September 8. Federal prosecutors identified Lam as the ringleader of the network, which operated from at least October 2023 through May 2025. The enterprise targeted cryptocurrency holders through a combination of online impersonation, social engineering, and physical residential break-ins. Prosecutors stated that Lam, who used aliases including Anne Hathaway and King Greavy, selected targets and assigned roles to participants located in California, Connecticut, New York, Florida, and other countries. The network reportedly grew from relationships formed on online gaming platforms before developing into a sophisticated operation.