WASHINGTON D.C. — Lam organized the social engineering enterprise, identified target victims, and coordinated the roles of different conspirators. He used the aliases "Anne Hathaway," "$$$," and "King Greavy." The criminal enterprise began no later than October 2023 and continued through at least May 2025.

The scheme developed through connections made on online gaming platforms. The RICO conspiracy used social engineering and occasional home break-ins to obtain information. The obtained information allowed conspirators to drain victims’ cryptocurrency wallets. The conspiracy included individuals based in California, Connecticut, New York, Florida, and abroad.

Law enforcement arrested Malone Lam on September 18, 2025. He was arrested at his rental home in Miami. Following his arrest, details emerged regarding how the stolen funds were utilized by the network.

Conspiracy members used stolen cryptocurrency to purchase nightclub services costing up to $500,000 per evening. Lam spent over US$569,000 in one evening at a Los Angeles night club. Members also purchased luxury handbags valued in the tens of thousands of dollars and gave them away at nightclub parties. They bought luxury watches valued between $100,000 and over $500,000, along with luxury clothing valued in the tens of thousands of dollars.

The group rented homes in Los Angeles, the Hamptons, and Miami. They rented private jets for travel and hired a team of private security guards. Conspiracy members acquired a fleet of exotic cars ranging in value from $100,000 to $3,800,000. Lam is an eighth-grade dropout from Singapore.

U.S. Attorney Jeanine Ferris Pirro addressed the outcome of the case. "This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency," said Pirro. She emphasized the reach of law enforcement in such cases.

"If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable," said Pirro. She noted the ongoing nature of these investigations. "Working with our partners at the FBI and IRS-CI, we will continue to hunt down the criminals who weaponize technology to steal from innocent people," she said.

Judge Colleen Kollar-Kotelly is a U.S. District Court Judge presiding over the matter. Judge Colleen Kollar-Kotelly set a status hearing for December 8, 2026. Assistant U.S. Attorneys Christopher R. Howland and David Liss are prosecuting the case.

The case is being investigated by the U.S. Attorney’s Office for the District of Columbia. The FBI’s Washington Field Office and the IRS-Criminal Investigation Washington D.C. Field Office are also investigating. The FBI’s Los Angeles Field Office and the FBI’s Miami Field Office provided investigative support. The United States Attorney’s Office for the Central District of California, the Southern District of Florida, and the District of New Jersey provided operational support.

Why It Matters

Complaints of cryptocurrency investment fraud to the FBI rose by nearly 50 per cent in 2025. This increase occurred as the Justice Department disbanded a unit dedicated to prosecuting crypto-related crimes in 2025. The scale of the theft in this case, exceeding $245 million, illustrates the financial impact of such schemes on victims.

The use of social engineering and physical break-ins demonstrates the multi-faceted approach taken by the conspiracy. The lavish spending of the proceeds, including exotic cars and high-end nightlife, contrasts with the losses suffered by victims. The guilty plea represents a step in holding the ringleader accountable, though other conspirators and asset forfeiture remain subjects of investigation.

Timeline

The criminal enterprise began no later than October 2023. The criminal enterprise continued through at least May 2025.

Law enforcement arrested Lam on September 18, 2025. Lam was arrested at his rental home in Miami. On September 8, 2026, Lam pleaded guilty to one count of participating in a RICO conspiracy. On that same date, U.S. Attorney Jeanine Ferris Pirro stated, "If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable." The conspiracy used social engineering to steal and launder cryptocurrency valued at more than $245 million.

What's New

Additional details revealed that Lam is an eighth-grade dropout from Singapore.

It was further reported that the Justice Department disbanded a unit dedicated to prosecuting crypto-related crimes in 2025. Other sources identified Lam as a Singaporean criminal.