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By: Magdalene Agyeiwaa Sarpong
A 22-year-old Singaporean has admitted his involvement in a massive cryptocurrency robbery in the United States, after prosecutors accused him of masterminding a scheme that netted about $245 million in Bitcoin.
Malone Lam pleaded guilty on Tuesday to a racketeering conspiracy charge after admitting that he worked with a group of associates to steal digital assets and conceal the proceeds.
US prosecutors said Lam and members of the group went on an extraordinary spending spree following the theft, reportedly blowing as much as $500,000 in a single night at entertainment venues.
The US Department of Justice (DOJ) said the group also acquired more than 30 luxury vehicles, with individual cars costing between $100,000 and $3.8 million.
The stolen funds were allegedly used to finance an extravagant lifestyle that included designer clothing, expensive watches, Hermes Birkin handbags, luxury residences in Los Angeles, the Hamptons and Miami, private aircraft and personal security personnel.
According to prosecutors, some of the handbags, worth tens of thousands of dollars each, were even tossed into nightclub crowds during parties.
Lam, who used aliases including Anne Hathaway, $$$ and King Greavy, was described by prosecutors as the leader of the operation.
He allegedly selected targets and assigned responsibilities among members of the group.
Investigators said the criminals obtained sensitive information from victims through deception and, in some cases, carried out break-ins at their homes.
The information was then allegedly used to gain access to cryptocurrency wallets and transfer their holdings.
The operation reportedly involved people based in several US states, as well as individuals overseas, who had connected through online gaming communities.
The conspiracy began by October 2023 and continued until at least May 2025, according to court records.
Lam travelled to the US in October 2023 after leaving school in Singapore at the age of 14. His visa expired in January 2024, but he remained in the country.
The FBI arrested Lam and another alleged participant in September 2024, bringing an end to the criminal operation.
US Attorney Jeanine Pirro said authorities would pursue cybercriminal networks responsible for targeting victims and stealing cryptocurrency.
Lam could receive a maximum sentence of 20 years in prison.
US District Judge Colleen Kollar-Kotelly has yet to set a date for his sentencing.
During an earlier court appearance, US Magistrate Judge Alicia Valle compared Lam’s extravagant behaviour to the character Ferris Bueller from the 1986 comedy film Ferris Bueller’s Day Off.
She described the defendant as having spent enormous sums on nightlife and luxury automobiles after gaining access to more than $230 million.
One of Lam’s associates, Evan Tangeman, was sentenced in April to 70 months behind bars after pleading guilty to helping launder money connected to the scheme.
Prosecutors said Tangeman also attempted to destroy evidence following Lam’s arrest, an action the court interpreted as evidence of his awareness of wrongdoing.
