A 22 year-old crypto ringleader pleads guilty to $245 million racketeering scheme

A 22-year-old man pleaded guilty Tuesday for his role in leading an international "social engineering" scheme that stole and laundered more than $245 million worth of cryptocurrency.

Malone Lam, 22, who is a citizen of Singapore and lived in Miami, pleaded guilty to one count of a federal racketeering conspiracy, the U.S. Attorney's Office in the District of Columbia said. 

"If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable," said U.S. Attorney Jeanine Pirro in the statement. "This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency."

Prosecutors first charged Lam and his co-conspirator Jeandiel Serrano in 2024 and other defendants were also involved in the scheme, including Evan Tangeman, 22, who was sentenced in April to over five years in prison. Prosecutors say Lam, who went by the aliases  "Anne Hathaway," "$$$" and "King Greavy," led the operation, found victims and coordinated the roles of the defendants. 

In all, Lam and others spent the stolen funds on nightclub services that were close to $500,000 an evening, luxury handbags and watches, rental homes in Los Angeles, the Hamptons and Miami and several luxury cars ranging from a value of $100,000 to $3.8 million, prosecutors said. 

Lam faces up to 20 years in prison, and a status hearing is scheduled for Dec. 8.