PUBLISHED ONMay 20, 2025 7:26 AMByDana LeongSingaporean Malone Lam has been charged in Washington DC for leading a cryptocurrency crime ring that stole over US$263 million (S$340 million) from victims.
This follows a previous charge on Sep 19, 2024, when the 20-year-old was charged for fraud and money laundering conspiracy worth over US$230 million in cryptocurrency from a single victim.
Lam appeared in court on Monday (May 19), where he pleaded not guilty to the superseding indictment, reported CNA.
In the latest indictment from May 15, federal prosecutors alleged that Lam had been one of the two leaders in a crime ring with 11 other men.
He allegedly identified potential victims for the crime ring, while other members hacked databases, laundered money and orchestrated house break-ins.
According to the indictment, the individuals became acquainted through online gaming platforms, where the enterprise began no later than October 2023 and continued through March 2025.
Members of the enterprise allegedly stole cryptocurrency assets, converted the assets to dollars, and laundered the money.
In one particular incident, they even broke into a victim's home to steal their hardware virtual currency wallet. Lam simultaneously helped monitor the victim's location by accessing his iCloud account.
They allegedly concealed money in "squishmallow" stuffed animals and shipped them through US mail to pay the members.
With the stolen money, they allegedly spent lavishly in nightclubs, while luxury handbags and luxury clothing were given away at nightclub parties.
In addition to spending on luxury rental homes in Los Angeles, the Hamptons (in New York), and Miami, they also allegedly purchased a fleet of at least 28 exotic cars ranging in value from US$100,000 to US$3.8 million.
Lam allegedly continued working with members of the enterprise even after he was arrested in September 2024, according to the indictment.
While being held in detention, he continued to "pass and receive directions, collect stolen cryptocurrency" and even had members buy luxury handbags that were delivered to his girlfriend in Miami, Florida.
"He is unfortunately caught up in a very complicated case. We will vigorously defend him," Lam’s defence lawyer Scott Armstrong told CNBC, adding that Lam has no prior criminal record.
If found guilty, Lam faces over than 20 years in prison, a fine of up to US$250,000, or up to twice his gains from the alleged scams.
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