Malone Lam pleads guilty to stealing $245 million in cryptocurrencies

Malone Lam, a 22-year-old Singaporean citizen residing in Miami, pleaded guilty on September 8, 2026, before the U.S. District Court in Washington D.C. for his role as the leader of an international cybercrime network. The organization used social engineering to steal and launder cryptocurrencies worth over $245 million. Lam faces a maximum sentence of 20 years in prison. The criminal network operated from October 2023 to May 2025, using contacts on online gaming platforms and employing manipulation techniques to gain access credentials to cryptocurrency wallets. Lam coordinated the operation, identified targets, and organized the ostentatious spending of the stolen funds, including expenses of up to $500,000 at nightclubs and over $569,000 in one night at a nightclub in Los Angeles. The organization acquired luxury items such as Hermes Birkin bags and high-end watches, in addition to financing homes in Los Angeles, The Hamptons, and Miami, and chartering private jets and a fleet of exotic cars valued between $100,000 and $3,800,000. Others involved in the network have also been charged, including Evan Tangeman, who admitted to laundering at least $3.5 million.

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