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BTC Singapore man Malone Lam pleads guilty: US$245 million in cryptocurrency fraud
Malone Lam, 22, a Singapore man, pleaded guilty to one count of conspiracy to steal and launder more than US$245 million in cryptocurrency. The Justice Department announced that the plea agreement was formally filed before U.S. District Judge Colleen Kollar-Kotelly in Washington, D.C., on Tuesday. This is said to be the first time that federal prosecutors have applied the Organic Anti-Extortion and Bribery Act (RICO) to crimes related to Bitcoin.
The RICO conspiracy charge stems from the Anti-Extortion and Bribery Organism Act, which aims to combat organized crime. This single charge combines social engineering fraud, burglary and money laundering into one case to prosecute, rather than pursuing each individual theft separately.
Criminal gang operating model
Court documents describe a criminal enterprise that established connections through an online gaming platform, with activities that lasted at least from October 2023 to May 2025. Prosecutors allege that gang members pretended to be Google customer service and then pretended to be Gemini platform customer service personnel, tricking the victim into resetting two-factor authentication (2FA) and running screen-sharing software, thereby exposing the victim's private key. Allegedly, the funds involved were transferred through cryptocurrency mixers, exchanges, transit wallets and virtual private networks (VPNs).
Initially, prosecutors accused Rahm and Jeandiel Serrano of fraudulently obtaining more than 4,100 bitcoins from a Washington, D.C. victim on August 18, 2024.
From theft case to extortion case
On May 15, 2025, prosecutors filed an expanded indictment, adding 12 defendants and raising the total theft amount to more than $263 million. The total covers crimes other than the $245 million involved in conspiracy to steal included in Ram's plea. The indictment also includes one $14 million theft that occurred in July 2024 and one charge of burglary against a hardware wallet.
Prosecutors pointed out that gang members used the illegal proceeds to purchase private jets, rental properties, luxury watches, and at least 28 luxury sports cars, some of which cost as much as US$3.8 million per unit. In addition, they have spent as much as $500,000 on a single night club. The court has reportedly ordered the recovery of approximately $245 million in damages.
Ram faces a maximum prison sentence of 20 years. A specific sentencing date has not yet been announced; the next status hearing is scheduled to be held on December 8, 2026.
