Malone Lam, a 22-year-old Singaporean citizen accused of helping organize a cryptocurrency theft ring, has pleaded guilty to a federal racketeering conspiracy charge tied to the theft of more than 4,100 bitcoin from a Washington, D.C., resident. Federal prosecutors say the case centers on one of the largest bitcoin heist operations in US history, with the stolen cryptocurrency valued at roughly $240 million to $245 million in later accounts.
Lam entered his plea Sept. 8 in federal court in Washington before U.S. District Judge Colleen Kollar-Kotelly. He faces up to 20 years in prison, though no sentencing date has been set. A status hearing is scheduled for Dec. 8.
Prosecutors say Lam helped identify wealthy cryptocurrency holders and coordinate members of a group that used stolen data, impersonation, and social engineering to gain access to digital assets. The enterprise operated from at least October 2023 through May 2025, according to the Justice Department.
How the bitcoin heist became one of the largest in US history
The biggest known theft came on Aug. 18, 2024. Prosecutors say conspirators posed as representatives of Google and the cryptocurrency exchange Gemini while convincing the victim that his accounts were at risk. The victim was persuaded to move cryptocurrency and install remote-access software.
THIS 22-YEAR-OLD STOLE $245 MILLION IN BITCOIN AND WENT ON AN INSANE SPENDING SPREE.
Nearly two years later, he has now pleaded guilty.
Malone Lam and his co-conspirators drained more than 4,100 Bitcoin from a single victim by impersonating Google and Gemini support staff and… pic.twitter.com/yVHrxdTZDF
— CryptoTweets (@CryptoTweets) September 10, 2026
The conspirators then gained access to information that exposed private keys controlling more than 4,100 bitcoin, authorities said. The original indictment valued the assets at more than $230 million. Later court proceedings and reporting put the figure closer to $243 million to $245 million.
Investigators say the stolen cryptocurrency was routed through exchanges, wallets and mixing services to conceal its origin. Members of the group then spent heavily on luxury cars, watches, designer clothing, private jets, mansions and nightclub bills.
At his plea hearing, Lam was asked whether he could remember which luxury vehicles he had purchased. He replied, “I would need some time.”
Guilty plea brings the wider RICO case into focus
In May 2025, prosecutors expanded the case under RICO, describing a “social engineering enterprise” involving callers, hackers, target selectors, money launderers, and burglars sent to steal hardware wallets.
Several defendants have pleaded guilty. Marlon Ferro received 78 months in prison, Evan Tangeman received 70 months, and Kunal Mehta admitted laundering at least $25 million.
The stolen bitcoin was also linked to a Connecticut kidnapping case. Prosecutors say the parents of co-conspirator Veer Chetal were abducted in August 2024 by men seeking part of the stolen cryptocurrency. Police rescued the couple after the kidnappers’ van crashed during a pursuit.
Lam was arrested in Miami on Sept. 18, 2024. His guilty plea makes him the most prominent defendant so far to admit participation in the enterprise, while several related cases remain unresolved.