US: Singaporean Ringleader Pleads Guilty in USD 245 Million Cryptocurrency Theft Case

According to a U.S. Attorney DC press release, 22-year-old Singaporean man has pleaded guilty in the United States to leading an international cybercrime conspiracy accused of stealing and laundering more than USD 245 million worth of cryptocurrency, in what authorities describe as one of the largest cryptocurrency theft cases in U.S. history.

Malone Lam, a Singapore citizen and former Miami resident, pleaded guilty in a Washington, D.C., federal court to racketeering conspiracy charges, the U.S. Department of Justice said on Tuesday. He faces a maximum sentence of 20 years in prison. Hacker Steals USD 340 Million in Bitcoin Heist and Returns Most Funds; Know What Happened.

Singaporean Ringleader Pleads Guilty in Cryptocurrency Cybercrime Scheme

— U.S. Attorney DC (@USAO_DC) September 8, 2026

Social Engineering Used to Steal Bitcoin

According to prosecutors, Lam led a network involved in cryptocurrency thefts and money laundering schemes. In August 2024, members of the group allegedly used social engineering techniques to target a Washington, D.C., resident. Prosecutors said two co-conspirators impersonated representatives of Google and cryptocurrency exchange Gemini to gain the victim's trust.

The victim was allegedly persuaded to provide access credentials and security codes, allowing the group to steal more than 4,100 Bitcoin valued at over USD 245 million at the time. Bitcoin Surges Toward USD 80,000, Heads for Strongest Weekly Gain in Over 3 Years.

Stolen Funds Were Laundered

Federal prosecutors said Lam helped launder the stolen cryptocurrency and conceal the origins of the funds. The wider criminal enterprise allegedly operated across the United States and other countries and involved the use of multiple methods to transfer, exchange and convert stolen cryptocurrency.

The Justice Department has previously charged additional defendants in connection with the wider alleged racketeering conspiracy, which prosecutors said was involved in cryptocurrency thefts worth more than $263 million.

Luxury Cars and Lavish Spending

Authorities said proceeds from the stolen cryptocurrency were used to fund an extravagant lifestyle. According to prosecutors, Lam and others spent money on luxury vehicles, high-end watches, private travel, expensive properties and nightclub visits. Authorities said Lam's purchases included more than 30 luxury cars. The FBI arrested Lam in Miami in September 2024, about a month after the alleged theft from the Washington victim.

Multiple Defendants Charged

Lam is one of 18 defendants charged in connection with the investigation and is the 11th person to plead guilty, according to the latest reports. The case has become a significant investigation into organised cryptocurrency crime and the use of social engineering to gain access to digital assets.

Sentencing Yet to Be Scheduled

Lam's sentencing date has not yet been announced. The racketeering conspiracy charge carries a maximum prison sentence of 20 years. The case highlights the growing use of impersonation and social engineering techniques in cryptocurrency-related crimes, where criminals often target individuals directly rather than attempting to break into blockchain systems themselves.

U.S. authorities said the investigation into the wider cryptocurrency racketeering enterprise remains an important effort to identify and prosecute those involved in large-scale digital asset theft and money laundering.

(The above story first appeared on LatestLY on Sep 09, 2026 10:39 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website ).