Malone Lam pleads guilty in $245 million cryptocurrency theft and laundering case

  • Malone Lam pleaded guilty to leading an international group that stole and laundered cryptocurrency.
  • More than 4,100 Bitcoin, worth about $245 million, was drained from one investor's wallet.
  • The group used online gaming connections, social engineering and impersonation to target victims.

Malone Lam, 22, pleaded guilty to a RICO conspiracy involving an international group that stole and laundered more than $245 million in cryptocurrency. Prosecutors said the group operated from October 2023 through at least May 2025 after meeting through online gaming sites, with participants based in the United States and other countries. Lam selected victims and assigned roles while using the online aliases "$$$", "Anne Hathaway" and "King Greavy". The group primarily used social engineering rather than directly breaking into wallets, including an operation in which members posed as Google and Gemini representatives and obtained access to a Washington, D.C., investor's accounts and security codes. More than 4,100 Bitcoin, valued at about $245 million in the newer account, was drained. Earlier reporting valued the Bitcoin at more than $230 million when stolen. Prosecutors said the proceeds funded private flights, rented homes, security, luxury goods, vehicles and nightclub spending of as much as $500,000 in one night. Lam was arrested at a Miami apartment and pleaded guilty before U.S. District Judge Colleen Kollar-Kotelly on September 8, 2026; sentencing has not occurred, and a status hearing is set for December 8.

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