Malone Lam pleads guilty to stealing 4,100 Bitcoin worth over 230 million dollars

Malone Lam pleaded guilty to leading a crypto theft enterprise that stole and laundered over 245 million dollars. The 22-year-old Singapore citizen admitted to participating in a racketeering conspiracy in Washington, marking a significant development in a case involving one of the largest known thefts from an individual Bitcoin holder. Lam organized an international network targeting crypto owners through social engineering and home break-ins to drain their wallets. The operation ran from October 2023 to May 2025, involving participants from California, Connecticut, New York, Florida, and abroad. Lam, using aliases like "Anne Hathaway" and "King Greavy," coordinated the group's activities. The stolen proceeds funded a lavish lifestyle, with members reportedly spending up to 500,000 dollars in a single night, gifting luxury handbags, and purchasing watches valued between 100,000 and 500,000 dollars. They also rented private jets and owned homes in Los Angeles, the Hamptons, and Miami, along with exotic cars worth up to 3.8 million dollars. Lam was arrested in September 2025 in Miami. His guilty plea to one RICO conspiracy count implicates him in the broader organization, while the case against other participants continues. The operation's scale became evident in 2024 when Lam and Jeandiel Serrano were accused of stealing over 4,100 Bitcoin from a Washington, D.C. victim, valued at over 230 million dollars at the time of theft on August 18, 2024. The stolen crypto was laundered through exchanges and mixing services, with virtual private networks used to hide identities. Lam's next status hearing is scheduled for December 8.

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