Cryptocurrency scam ringleader pleads guilty to defrauding victims of $250 million

Malone Lam, a 22-year-old from Singapore, worked with conspirators who posed as tech employees to convince victims to grant them access to their cryptocurrency funds, which then funded their lavish lifestyle.WASHINGTON (CN) — A Singaporean man charged with leading a scheme to steal and sell cryptocurrency, who operated under the alias “Anne Hathaway,” pleaded guilty to his role in the conspiracy on Tuesday.Malone Lam, 22, pleaded guilty to one count of Racketeer Influenced and Corrupt Origination, or RICO, conspiracy related to the theft of over $250 million worth of cryptocurrency stolen from Americans by acting as tech employees and convincing the victims their accounts had been hacked to gain access to the funds.Lam, who used other online aliases such as “King Greavys” and “$$$,” faces a maximum of 20 years in prison under the statute 18 U.S. Code Section 1962(d). He may also be deported back to Singapore, or another country of his choosing.Senior U.S. District Judge Colleen Kollar-Kotelly, a Bill Clinton appointee, has presided over Lam and at least eight other defendants involved in the cryptocurrency scheme, via which the individuals funded a lavish lifestyle that included over $500,000 spent per night at nightclubs in Miami, mansion rentals in Los Angeles, Miami and the Hamptons and multiple exotic cars.According to prosecutor Christopher Howland, of the U.S. Attorney’s Office for the District of Columbia, Lam met co-conspirator Jeandiel Serrano online via Minecraft while still living in Singapore and he convinced him to move to Texas in October 2023.They, along with several other individuals, hatched a plan to create a “social engineering enterprise” to convince cryptocurrency holders into handing over sensitive information over the phone, gain access to their private data and begin transferring large amounts of cryptocurrency and then launder the funds into fiat currency and wire transfers.Howland described four specific thefts that totaled approximately $250 million in cryptocurrency.The largest theft occurred in August 2024, where Lam helped identify a victim, referred to only by the initials R.W., who held approximately $245 million worth of Bitcoin. The conspirators called R.W. posing as Google employees after sending him a fraudulent notification stating someone had attempted to access his Google OneDrive and offering tech support.Serrano, who specifically posed as a representative of Google’s Gemini cryptocurrency exchange, convinced R.W. to hand over certain digital keys that granted him access to the victim’s cryptocurrency wallets, which Serrano began taking in tranches for the conspirators. He also used AnyDesk, a tool that allowed him to virtually access R.W’s desktop and transfer additional portions of cryptocurrency, totaling $245,930,239 worth of Bitcoin.Using similar schemes, the conspirators were able to steal approximately $800,000 worth of cryptocurrency from victim M.C. in June 2024, and approximately $14 million from victim S.P.In June 2024, Lam helped identify a victim, K.W., as a potential target. His co-conspirators were able to hack into and access the victim’s iCloud account and identify a substantial amount of cryptocurrency. Co-conspirator Marlon Ferro then traveled to and broke into the victim’s New Mexico home — the conspirators were able to track the victim’s location via iCloud and access the home’s security camera system — and steal his devices.However, the conspirators were ultimately unable to acquire the victim’s cryptocurrency from the devices.Under the plea deal, Lam agreed to forfeit many of the exotic vehicles he owned to go toward the restitution fund for the victims, which included several Ferraris, Rolls Royces, Lamborghini’s, Mercedes-Benzes, among others.Howland noted a significant portion of the funds can no longer be tracked down, due to the funds being transferred online to areas the court cannot reach.Lam was arrested at his rental home in Miami on Sept. 18, 2025.U.S. Attorney for D.C. Jeanine Pirro welcomed the plea deal in a statement.“If you build a cybercrime empire, we will find you, dismantle your operation and hold you accountable,” Pirro said. “This defendant led an international network that preyed on victims through deception, invaded their privacy and stole hundreds of millions of dollars in cryptocurrency. Working with our partners at the FBI and IRS-CI, we will continue to hunt down the criminals who weaponize technology to steal from innocent people.”Lam was represented by John P. Pierce, of Washington firm Themis.Kollar-Kotelly did not schedule a sentencing hearing, instead ordering a status report due Dec. 8 for the parties to deal with forfeiture issues.Subscribe to our free newslettersOur weekly newsletter Closing Arguments offers the latest about ongoing trials, major litigation and rulings in courthouses around the U.S. and the world, while the monthly Under the Lights dishes the legal dirt from Hollywood, sports, Big Tech and the arts.Additional Reads