{{Short description|Cybercriminal (born 2004)}} {{Use dmy dates|date=December 2025}} {{Infobox person | name = Malone Lam | image = | caption = | honorific_suffix = | birth_name = Malone Lam Yu Xuan | birth_date = {{birth date and age|2004|07|19|df=y}} | birth_place = Singapore | other_names = | known_for = }} '''Malone Lam Yu Xuan''' (born 19 July 2004)<ref>{{Cite web|title=LAM MALONE 09/18/2024|url=https://browardfl.mugshots.zone/lam-malone-mugshot-09-18-2024/|website=Broward County Mugshots Zone|date=2024-09-18|access-date=2025-12-01|language=en-US}}</ref> is a Singaporean criminal who was indicted in 2024 as the main perpetrator behind cryptocurrency theft and money laundering schemes exceeding $260 million.<ref>{{Cite web|title=Bitcoin RICO: Feds say $265 million crypto theft ring blew $13M on exotic cars, nightclubs|url=https://www.cnbc.com/2025/05/15/crypto-theft-bitcoin-dc.html|website=CNBC|date=2025-05-15|access-date=2025-11-30|language=en|first=Dan|last=Mangan}}</ref><ref>{{Cite news|url=https://www.bloomberg.com/news/newsletters/2024-10-02/accused-crypto-hacker-becomes-an-overnight-tiktok-celebrity|title=Accused Crypto Hacker Becomes an Overnight TikTok Celebrity|last=Murphy|first=Margi|date=2024-10-02|access-date=2025-11-30|work=Bloomberg.com}}</ref>
Prosecutors allege that Lam and his associates stole more than 4,100 Bitcoin from a single investor, in what authorities describe as the largest known single-victim cryptocurrency heist in history, and the first Bitcoin-related Racketeer Influenced and Corrupt Organizations Act (RICO) in history.<ref>{{Cite web|title=$230 million crypto scam one of largest single victim thefts in history, prosecutors say|url=https://www.courthousenews.com/230-million-crypto-scam-one-of-largest-single-victim-thefts-in-history-prosecutors-say|website=Courthouse News Service|date=2024-10-22|access-date=2025-11-30|language=en-us|first=Ryan|last=Knappenberger}}</ref> Lam has admitted to being involved in multiple crypto thefts.<ref>{{Cite news|title=Meet ZachXBT, the Masked Vigilante Tracking Down Billions in Crypto Scams and Thefts|url=https://www.wired.com/story/meet-zachxbt-243-million-crypto-theft/|work=Wired|access-date=2025-12-01|issn=1059-1028|language=en-US|first=Andy|last=Greenberg}}</ref>
== Early life and education == Lam grew up in Singapore. He attended Unity Secondary School in Choa Chu Kang,<ref>{{Cite news|title=2 Stole $230 Million in Cryptocurrency and Went on a Spending Spree, U.S. Says (Published 2024)|url=https://www.nytimes.com/2024/09/20/us/crypto-fraud-arrests.html|date=2024-09-20|access-date=2025-11-30|language=en|last=Correal|first=Annie}}</ref> in 2017.<ref>{{Cite news|title=In 7 years, student from Choa Chu Kang went from gamer to alleged role in $320m crypto heist|url=https://www.straitstimes.com/singapore/in-7-years-student-from-choa-chu-kang-went-from-gamer-to-alleged-role-in-320m-crypto-heist|work=The Straits Times|date=2025-03-16|access-date=2025-11-30|issn=0585-3923|language=en|last=Wong|first=Andrew}}</ref> By his teenage years, he had dropped out of school and became involved in cryptocurrency trading and online gaming communities, including Minecraft playing servers such as CosmicPvP where famous youtubers such as PrestonPlayz, MrWoofless and D1v played which gave him early notoriety in the online crypto space as he would scam players for in game items and sell it for crypto and he was also active on popular crypto discord servers on app Discord.<ref>{{Cite news|title=They Stole a Quarter-Billion in Crypto and Got Caught Within a Month|url=https://www.nytimes.com/2025/04/24/magazine/crybercrime-crypto-minecraft.html|date=2025-04-24|access-date=2025-11-30|language=en|last=Moxley|first=Mitch|work=The New York Times}}</ref>
In October 2023, he moved to the United States residing in Miami, Florida,<ref>{{Cite web |last=Mangan |first=Dan |date=2025-05-15 |title=Bitcoin RICO: Feds say $265 million crypto theft ring blew $13M on exotic cars, nightclubs |url=https://www.cnbc.com/2025/05/15/crypto-theft-bitcoin-dc.html |access-date= |website=CNBC |language=en}}</ref> Los Angeles, California, and the Hamptons, New York.<ref>{{Cite web |date=28 November 2025 |title=Cryptocurrency money launderer pleads guilty to RICO conspiracy in scheme that stole $263 million in crypto |url=https://www.irs.gov/compliance/criminal-investigation/cryptocurrency-money-launderer-pleads-guilty-to-rico-conspiracy-in-scheme-that-stole-263-million-in-crypto |access-date= |website=IRS |language=en}}</ref> He entered the United States via the Visa Waiver Program, which had expired by 2024.<ref>{{Cite news |date=2025-03-16 |title=In 7 years, student from Choa Chu Kang went from gamer to alleged role in $320m crypto heist |url=https://www.straitstimes.com/singapore/in-7-years-student-from-choa-chu-kang-went-from-gamer-to-alleged-role-in-320m-crypto-heist |access-date= |work=The Straits Times |language=en |issn=0585-3923}}</ref>
== Background == According to prosecutors, Lam started the Social Engineering Enterprise with two roommates while living in Texas. Over the following months, group grew to 14 members from California, Connecticut, New York, Florida, as well as outside the United States. It's alleged that the group targeted people with large amounts of cryptocurrency, identified through the hacked databases, information purchased on the dark web, and phishing e-mails. The stolen currency would then be laundered and cashed out into physical fiat money. By 2024, members of the group began arming themselves with guns and on 8 July of the same year, the group burglarized the home of a victim in New Mexico, stealing hardware containing cryptocurrency.<ref>{{Cite web |date=9 December 2025 |title=California man pleads guilty to RICO charges as DOJ indicts crypto theft gang |url=https://therecord.media/california-man-pleads-guilty-rico-charges-crypto-theft |access-date= |website=The Record |language=en}}</ref><ref>{{Cite news |date=2025-12-18 |title=Explainer: Who is Malone Lam and why is he facing serious fines and jail time in the US? - Singapore News |url=https://theindependent.sg/explainer-who-is-malone-lam-and-why-is-he-facing-serious-fines-jail-time-in-the-us/ |archive-url=http://web.archive.org/web/20260114015700/https://theindependent.sg/explainer-who-is-malone-lam-and-why-is-he-facing-serious-fines-jail-time-in-the-us/ |archive-date=2026-01-14 |access-date= |work=The Independent Singapore News |language=en-US}}</ref>
According to ''The New York Times'', Lam and his co-conspirator Jeandiel Serrano live-streamed a social engineering heist to friends online and later used the stolen funds to go on a spending spree involving 33 luxury cars, jewelry, travel, and nightclubs<ref>{{Cite news|title=S'porean charged with $306m Bitcoin theft spent $665k a night in clubs, bought over 30 luxury cars|url=https://www.straitstimes.com/business/sporean-charged-with-306m-bitcoin-theft-blows-665k-a-night-in-clubs-buys-over-30-luxury-cars|work=The Straits Times|date=2025-03-10|access-date=2025-12-01|issn=0585-3923|language=en}}</ref> before being arrested within a month of the theft.<ref>{{Cite news|title=2 Stole $230 Million in Cryptocurrency and Went on a Spending Spree, U.S. Says (Published 2024)|url=https://www.nytimes.com/2024/09/20/us/crypto-fraud-arrests.html|date=2024-09-20|access-date=2025-11-30|language=en|last=Correal|first=Annie|work=The New York Times}}</ref>
Lam was arrested by the Federal Bureau of Investigation (FBI) on 18 September 2024 in Miami, Florida. He had thrown his mobile phone into the Biscayne Bay before being apprehended, having been informed by an off-duty police officer of his impending arrest. The network surrounding Lam continued its activities until May 2025.<ref>{{Cite web|title=FBI raids luxury home in Miami, neighbors see "really fancy cars" taken away - CBS Miami|url=https://www.cbsnews.com/miami/news/fbi-raids-luxury-home-in-miami-neighbors-see-really-fancy-cars-taken-away/|website=www.cbsnews.com|date=2024-09-20|access-date=2025-11-30|language=en-US}}</ref>
In 2025, a superseding federal indictment expanded the case, describing a wider criminal enterprise that allegedly operated from 2023 to 2025.<ref>{{Cite news|url=https://www.justice.gov/usao-dc/media/1400531/dl|title=CRIMINAL NO. 24-CR-417 (CKK)|work=United States Department of Justice}}</ref> According to the indictment, Lam and 12 others allegedly orchestrated additional thefts, including an incident in July 2024 in which cryptocurrency was taken from a second victim, and are said to have coordinated a burglary in New Mexico. A number of these individuals have pleaded guilty.<ref>{{Cite web|title=District of Columbia {{!}} Cryptocurrency Money Launderer Pleads Guilty to RICO Conspiracy in Scheme that Stole $263 Million in Crypto {{!}} United States Department of Justice|url=https://www.justice.gov/usao-dc/pr/cryptocurrency-money-launderer-pleads-guilty-rico-conspiracy-scheme-stole-263-million|website=www.justice.gov|date=2025-11-18|access-date=2025-11-30|language=en}}</ref><ref>{{Cite web|title=Singaporean behind $230M Bitcoin heist spent $500,000 a night at clubs, bought 30 cars, Hermes bags|url=https://www.hindustantimes.com/trending/20yearold-behind-230-million-bitcoin-heist-gifted-herm-s-bags-to-influencers-bought-30-luxury-cars-101741757682821.html|website=Hindustan Times|date=2025-03-12|access-date=2025-11-30|language=en|last=Jain|first=Sanya}}</ref> In 2025, it was reported that U.S. prosecutors had offered Lam a new plea deal.<ref>{{Cite web|title=Singaporean accused of leading US$260m crypto heist offered new plea deal|url=https://www.malaymail.com/news/singapore/2025/11/19/singaporean-accused-of-leading-us260m-crypto-heist-offered-new-plea-deal/198936|website=Malay Mail|date=2025-11-19|access-date=2025-11-30|language=en|first=|last=}}</ref>
== References == {{reflist}}
{{DEFAULTSORT:Lam, Malone}} Category:2004 births Category:Living people Category:21st-century Singaporean people Category:Singaporean people of Chinese descent Category:Singaporean emigrants to the United States Category:People associated with cryptocurrency Category:People charged with racketeering Category:Financial crimes Category:Cryptocurrency theft