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ETH A 22-year-old Singapore man pleads guilty in the United States for leading a $245 million cryptocurrency theft and money laundering case
U.S. Department of Justice Prosecutor Jenny Ferris Piro announced on September 8 that Malone Lam, a 22-year-old U.S. citizen who recently lived in Miami, pleaded guilty in the U.S. District Court in Washington, DC. As the mastermind, he was involved in an international conspiracy involving the theft and laundering of more than $245 million worth of cryptocurrency.
Piro said that the "Generation Z" youth led a transnational network that violated victims 'privacy through deception and stole hundreds of millions of dollars in cryptocurrency.
used a pseudonym to plan the crime and pleaded guilty to one count of RICO conspiracy
Ramon organized the criminal enterprise, identified targeted victims, and coordinated the roles of different conspirators. Notably, he used network aliases such as "Anne Hathaway,""$$$," and "King Greavy" during his operations. He pleaded guilty to one count of conspiracy under the Racketeer Influenced and Corrupt Organizations Act (RICO) before Judge Colleen Cortley. Judge Corral Cortley has scheduled a status hearing for December 8.
RICO Act is a federal law of the United States that provides aggravated criminal penalties and civil grounds for action for conduct committed as part of a continuing criminal organization. Those found guilty of organizing fraud can be fined up to $25,000 for each count and sentenced to up to 20 years in prison.
Using social engineering and burglary to obtain information
According to court documents, relevant personnel in California, Connecticut, New York, Florida and abroad established connections through online game platforms and decided to use social engineering or even burglary to obtain information, thereby stealing the victim's crypto-wallet assets.
The criminal activity started as early as October 2023 and continues until at least May 2025.
The stolen money was used for extravagant living: charter flights, luxury cars and luxury homes
The defendant and his associates used stolen cryptocurrency to purchase nightclub services (costing up to US$500,000 per night), luxury handbags, clothing, watches, and rental homes in Los Angeles, the Hamptons and Miami. In addition, they rent private jets, a fleet of luxury sports cars and services equipped with a full-time security team.
Law enforcement officers arrested Ramon at his rented home in Miami on September 18 last year. The case was jointly investigated by the U.S. Attorney's Office for the District of Colombia, the FBI's Washington Field Office, and the Washington, D.C. Division of the Internal Revenue Service's Criminal Investigation Department. The value of stolen cryptocurrency assets involved exceeded US$245 million.
