Malone Lam, a Singaporean national accused of running one of the most prolific crypto theft operations prosecuted in the United States, has pleaded guilty to participating in a racketeering conspiracy that stole and laundered more than $245 million in cryptocurrency.
The plea was entered before US District Judge Colleen Kollar-Kotelly, according to the Justice Department. A status hearing is scheduled for December 8; prosecutors have not yet announced a sentencing date.
From a Single 4,100-BTC Theft to a RICO Case
The case began with a much narrower accusation. In August 2024, prosecutors charged Lam and Jeandiel Serrano with fraudulently obtaining more than 4,100 Bitcoin — worth over $230 million at the time — from a single resident of Washington, D.C. on August 18, 2024. Blockchain investigator ZachXBT later identified the victim as a Genesis creditor.
According to the original indictment, the attackers posed as Google support staff to compromise the victim's accounts, then impersonated Gemini support to persuade the victim to reset two-factor authentication and install screen-sharing software, which exposed private keys. The two were arrested on September 18, 2024, and prosecutors alleged the proceeds were laundered through crypto mixers, exchanges, pass-through wallets, and virtual private networks.
A superseding indictment in May 2025 expanded the case into an alleged RICO conspiracy: twelve additional defendants, more than $263 million in claimed thefts, a separate $14 million theft in July 2024, and an alleged home break-in targeting a hardware wallet.
A Gaming-Platform Network That Operated for Years
The Justice Department says the enterprise was formed through connections on online gaming platforms and operated from no later than October 2023 through at least May 2025. As ringleader, Lam allegedly identified prospective victims and coordinated the other conspirators.
Prosecutors also alleged that Lam continued directing associates from pretrial detention, including arranging delivery of luxury items to his girlfriend. The group's members allegedly spent stolen funds on private jets, rental properties, watches, and at least 28 exotic cars, with nightclub bills reaching $500,000 per evening.
Tuesday's plea establishes criminal responsibility on the RICO conspiracy count. Sentencing will determine the practical consequences; the remaining defendants' cases are still pending, and the details above reflect allegations recorded in court proceedings.
The case is a landmark for social-engineering enforcement: the thefts required no smart-contract exploit, no bridge bug, and no protocol failure — only phone calls, impersonation, and victims persuaded to expose their own keys.
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