Biography:Malone Lam

From HandWiki
Malone Lam
Born
Malone Lam Yu Xuan

(2004-07-19) 19 July 2004 (age 21)
Singapore

Malone Lam Yu Xuan (born 19 July 2004)[1] is a Singaporean criminal who was indicted in 2024 as the main perpetrator behind cryptocurrency theft and money laundering schemes exceeding $260 million.[2][3]

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.[4] Lam has admitted to being involved in multiple crypto thefts.[5]

Early life and education

Lam grew up in Singapore. He attended Unity Secondary School in Choa Chu Kang,[6] in 2017.[7] By his teenage years, he had dropped out of school and became involved in cryptocurrency trading and online gaming communities, including Minecraft and Discord.[8]

In October 2023, he moved to the United States residing in Miami, Florida,[9] Los Angeles, California, and the Hamptons, New York.[10] He entered the United States via the Visa Waiver Program, which had expired by 2024.[11]

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.[12][13]

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[14] before being arrested within a month of the theft.[15]

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.[16]

In 2025, a superseding federal indictment expanded the case, describing a wider criminal enterprise that allegedly operated from 2023 to 2025.[17] 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.[18][19] In 2025, it was reported that U.S. prosecutors had offered Lam a new plea deal.[20]

References

  1. ↑ "LAM MALONE 09/18/2024" (in en-US). 2024-09-18. https://browardfl.mugshots.zone/lam-malone-mugshot-09-18-2024/. 
  2. ↑ Mangan, Dan (2025-05-15). "Bitcoin RICO: Feds say $265 million crypto theft ring blew $13M on exotic cars, nightclubs" (in en). https://www.cnbc.com/2025/05/15/crypto-theft-bitcoin-dc.html. 
  3. ↑ Murphy, Margi (2024-10-02). "Accused Crypto Hacker Becomes an Overnight TikTok Celebrity". Bloomberg.com. https://www.bloomberg.com/news/newsletters/2024-10-02/accused-crypto-hacker-becomes-an-overnight-tiktok-celebrity. 
  4. ↑ Knappenberger, Ryan (2024-10-22). "$230 million crypto scam one of largest single victim thefts in history, prosecutors say" (in en-us). https://www.courthousenews.com/230-million-crypto-scam-one-of-largest-single-victim-thefts-in-history-prosecutors-say. 
  5. ↑ Greenberg, Andy. "Meet ZachXBT, the Masked Vigilante Tracking Down Billions in Crypto Scams and Thefts" (in en-US). Wired. ISSN 1059-1028. https://www.wired.com/story/meet-zachxbt-243-million-crypto-theft/. 
  6. ↑ Correal, Annie (2024-09-20). "2 Stole $230 Million in Cryptocurrency and Went on a Spending Spree, U.S. Says (Published 2024)" (in en). https://www.nytimes.com/2024/09/20/us/crypto-fraud-arrests.html. 
  7. ↑ Wong, Andrew (2025-03-16). "In 7 years, student from Choa Chu Kang went from gamer to alleged role in $320m crypto heist" (in en). The Straits Times. ISSN 0585-3923. https://www.straitstimes.com/singapore/in-7-years-student-from-choa-chu-kang-went-from-gamer-to-alleged-role-in-320m-crypto-heist. 
  8. ↑ Moxley, Mitch (2025-04-24). "They Stole a Quarter-Billion in Crypto and Got Caught Within a Month" (in en). The New York Times. https://www.nytimes.com/2025/04/24/magazine/crybercrime-crypto-minecraft.html. 
  9. ↑ Mangan, Dan (2025-05-15). "Bitcoin RICO: Feds say $265 million crypto theft ring blew $13M on exotic cars, nightclubs" (in en). https://www.cnbc.com/2025/05/15/crypto-theft-bitcoin-dc.html. 
  10. ↑ "Cryptocurrency money launderer pleads guilty to RICO conspiracy in scheme that stole $263 million in crypto" (in en). 28 November 2025. https://www.irs.gov/compliance/criminal-investigation/cryptocurrency-money-launderer-pleads-guilty-to-rico-conspiracy-in-scheme-that-stole-263-million-in-crypto. 
  11. ↑ "In 7 years, student from Choa Chu Kang went from gamer to alleged role in $320m crypto heist" (in en). The Straits Times. 2025-03-16. ISSN 0585-3923. https://www.straitstimes.com/singapore/in-7-years-student-from-choa-chu-kang-went-from-gamer-to-alleged-role-in-320m-crypto-heist. 
  12. ↑ "California man pleads guilty to RICO charges as DOJ indicts crypto theft gang" (in en). 9 December 2025. https://therecord.media/california-man-pleads-guilty-rico-charges-crypto-theft. 
  13. ↑ "Explainer: Who is Malone Lam and why is he facing serious fines and jail time in the US? - Singapore News" (in en-US). The Independent Singapore News. 2025-12-18. https://theindependent.sg/explainer-who-is-malone-lam-and-why-is-he-facing-serious-fines-jail-time-in-the-us/. 
  14. ↑ "S'porean charged with $306m Bitcoin theft spent $665k a night in clubs, bought over 30 luxury cars" (in en). The Straits Times. 2025-03-10. ISSN 0585-3923. https://www.straitstimes.com/business/sporean-charged-with-306m-bitcoin-theft-blows-665k-a-night-in-clubs-buys-over-30-luxury-cars. 
  15. ↑ Correal, Annie (2024-09-20). "2 Stole $230 Million in Cryptocurrency and Went on a Spending Spree, U.S. Says (Published 2024)" (in en). The New York Times. https://www.nytimes.com/2024/09/20/us/crypto-fraud-arrests.html. 
  16. ↑ "FBI raids luxury home in Miami, neighbors see "really fancy cars" taken away - CBS Miami" (in en-US). 2024-09-20. https://www.cbsnews.com/miami/news/fbi-raids-luxury-home-in-miami-neighbors-see-really-fancy-cars-taken-away/. 
  17. ↑ "CRIMINAL NO. 24-CR-417 (CKK)". United States Department of Justice. https://www.justice.gov/usao-dc/media/1400531/dl. 
  18. ↑ "District of Columbia | Cryptocurrency Money Launderer Pleads Guilty to RICO Conspiracy in Scheme that Stole $263 Million in Crypto | United States Department of Justice" (in en). 2025-11-18. https://www.justice.gov/usao-dc/pr/cryptocurrency-money-launderer-pleads-guilty-rico-conspiracy-scheme-stole-263-million. 
  19. ↑ Jain, Sanya (2025-03-12). "Singaporean behind $230M Bitcoin heist spent $500,000 a night at clubs, bought 30 cars, Hermes bags" (in en). https://www.hindustantimes.com/trending/20yearold-behind-230-million-bitcoin-heist-gifted-herm-s-bags-to-influencers-bought-30-luxury-cars-101741757682821.html. 
  20. ↑ "Singaporean accused of leading US$260m crypto heist offered new plea deal" (in en). 2025-11-19. https://www.malaymail.com/news/singapore/2025/11/19/singaporean-accused-of-leading-us260m-crypto-heist-offered-new-plea-deal/198936. 



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