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BTC Singapore man pleads guilty to masterminding a US$245 million bitcoin theft
Malone Lam, a 22-year-old man from Miami and native of Singapore, pleaded guilty this week to the largest bitcoin theft on record, which authorities confirmed.
International cybercrime operation exposed
The U.S. Department of Justice reported that Rahm led a global criminal network responsible for stealing 4,100 bitcoins worth more than $230 million at the time. These illegal activities continue from October 2023 to at least May 2025, with victims spread across the world.
Prosecutors said Ram and his accomplices had unauthorized access to online databases to collect private information and used the information to trick victims into revealing their login credentials and private keys. In total, Rahm's team stole approximately $245 million worth of assets by emptying innocent people's digital wallets.
In a high-profile case, one of Ram's co-conspirators allegedly broke into a New Mexico home and stole a hardware wallet, while Ram tracked the victim's activities by hacking into his iCloud account.
U.S. prosecutor Jeanine Ferris Pirro said: "The defendant led an international network that violated the privacy of victims through deception and stole hundreds of millions of dollars in cryptocurrency." She warned that authorities would continue to be vigilant against cybercriminal networks.
Origin of the gang
According to the Justice Department, the crime originated from a circle of online game players who first became friends and later collaborated to implement the plan.
In addition to physical burglaries, the gang also relies on social engineering techniques to collect sensitive information and access digital assets. The indictment emphasizes that co-conspirators often entered victims 'homes to obtain hardware wallets or other valuables.
Prosecutors detailed: "The conspiracy under the Organized Corruption Extortion Act used social engineering and occasional burglaries to obtain information that could clear the victim's cryptocurrency wallets."
Spending stolen cryptocurrency
Ram and his associates reportedly spent money laundering and purchased luxury goods and experience services, including exclusive club bottling services, private jet rentals, round-the-clock security, designer handbags, high-end watches, and luxury real estate in Los Angeles, the Hamptons and Miami.
Authorities accused the gang of sometimes spending as much as $500,000 a night on parties, and Ram and others also gave away tens of thousands of dollars worth of high-end designer handbags as gifts.
The need to increase security awareness
Lahm was arrested in a rental house in Miami in 2024, ending the gang's rampant behavior. The case highlights ongoing concerns about the vulnerability of digital assets and the extreme methods used by cybercriminals to gain access.
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