Singaporean Charged in $263M Crypto Theft & Money Laundering Scheme

A superseding indictment from the U.S. Department of Justice (DOJ) has charged 12 additional individuals, including Singaporean Malone Lam, for their alleged involvement in a cyber-enabled racketeering conspiracy that resulted in over $263 million in cryptocurrency thefts.

The indictment alleges that the scheme began around October 2023, with the perpetrators using tactics such as database hacking, social engineering, and even home break-ins to steal cryptocurrency. Lam was initially charged in September 2024 for his alleged role in the conspiracy, which involved gaining unauthorized access to a victim's account and transferring approximately 4,100 Bitcoin (worth around $230 million at the time) to wallets controlled by the group, concealing their identities by using cryptocurrency mixers and virtual private networks (VPNs).

The DOJ alleges that Lam and his associates spent the stolen cryptocurrency on a lavish lifestyle, including high-value nightclub services (up to $500,000 per night), luxury handbags, watches, clothing, rental homes, private jet rentals, and a fleet of exotic cars.

Several of the invidivuals were arrested last week in California, while two remain abroad and are believed to be living in Dubai, the DOJ said.

The press release further states that Lam continued to be involved with the criminal enterprise even after his arrest in September 2024. He is accused of directing the transfer of stolen cryptocurrency and arranging for luxury goods to be delivered to his girlfriend in Miami, Florida, while in pre-trial detention.