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Malone Lam, 22, admitted to organizing a network that used social engineering to drain a victim's crypto wallet, then spent the proceeds on nightclubs and luxury cars
YASIN AKGUL/AFP via Getty Images
Malone Lam, a 22-year-old Singaporean national and recent Miami resident, pleaded guilty Tuesday in U.S. District Court in Washington to one count of participating in a racketeering conspiracy for his role as ringleader of an international scheme that stole and laundered more than $245 million in cryptocurrency.
U.S. District Judge Colleen Kollar-Kotelly accepted the plea but did not schedule a sentencing hearing. Lam faces a maximum prison sentence of 20 years. A status hearing is set for December 8, 2026, according to the Justice Department.
