Singaporean Malone Lam charged with leading US$263 million crypto theft ring in the US

UNITED STATES: US authorities have charged Singaporean citizen Malone Lam with orchestrating a massive cryptocurrency theft and laundering operation involving 13 individuals.

The 20-year-old is accused of leading a crime ring that stole over US$263 million from multiple victims.

He pleaded not guilty to the superseding indictment during a court appearance on 19 May 2025 in Washington DC.

According to the US Attorney’s Office for the District of Columbia, Lam and co-accused Conor Flansburg, aged 21, are central figures in the criminal scheme.

The two allegedly led the group in identifying and targeting high-value cryptocurrency users.

In a prior indictment, Lam had already been charged with stealing 4,100 Bitcoin—then valued at over US$230 million—from one victim in Washington DC in August 2024.

Federal prosecutors allege that the stolen funds were converted into cash and laundered across the United States.

The gang reportedly concealed large sums of money within “squishmallow” stuffed animals before shipping them to members of the group.

Lam and the other suspects allegedly connected via online gaming platforms, where they formed the basis of what became a complex and lucrative crypto theft operation.

The crime ring reportedly targeted digital currency wallets, converted the stolen funds into US dollars, and carried out further illicit activities, including home burglaries.

In one such case, a member of the group is accused of breaking into a residence in New Mexico to steal a hardware wallet containing virtual currency.

Authorities believe that Lam continued directing the operation even after his arrest in September 2024.

Prosecutors claim he remained in contact with his co-conspirators while detained, issuing instructions and receiving updates on the group’s activities.

He allegedly arranged for luxury handbags to be delivered to his girlfriend in Miami and is said to have maintained his lavish lifestyle, which included spending as much as US$500,000 per night at nightclubs and acquiring 28 luxury vehicles—some worth up to US$3.8 million.

Prosecutors also listed extravagant purchases of luxury clothing and rentals in affluent areas such as Los Angeles, Miami, and the Hamptons.

Additional thefts include a reported US$14 million stolen from another victim through the same scheme.

All 13 individuals have been charged under the Racketeer Influenced and Corrupt Organisations (RICO) Act.

Lam’s lawyer, Scott Armstrong, stated to CNA that Lam “looks forward to exercising his right to trial by jury in this case.”

The trial is scheduled to begin in October 2025.

If convicted, Lam could face a prison sentence exceeding 20 years and a fine of up to US$250,000 or twice the amount of his illicit earnings.