A 22-year-old Singaporean national, Malone Lam, entered a guilty plea on Tuesday in a US federal court, admitting to his role in organizing one of the most significant cryptocurrency thefts in history. Lam acknowledged conspiring with associates to steal $245 million (£181 million) in Bitcoin and subsequently laundering the illicit funds.
According to the US Department of Justice (DOJ), the criminal enterprise, which operated from October 2023 through at least May 2025, funded an extravagant lifestyle. The group reportedly spent up to $500,000 per visit to nightclubs, acquired a collection of exotic vehicles valued between $100,000 and $3.8 million, and purchased high-end watches worth up to $500,000.
Lam, who also operated under aliases including Anne Hathaway, $$$, and King Greavy, is identified as the ringleader. Court documents indicate he recruited co-conspirators from California, Connecticut, New York, Florida, and international locations through online gaming platforms. His primary role involved selecting targets and coordinating the activities of the network.
The group employed deceptive tactics to harvest confidential information from victims and conducted physical break-ins to access details necessary to empty cryptocurrency wallets. The stolen assets were further utilized to purchase luxury goods, such as Hermes Birkin handbags, which were reportedly thrown into crowds during nightclub parties, as well as rental properties in Los Angeles, the Hamptons, and Miami.
US Attorney Jeanine Pirro emphasized the seriousness of the offense in a statement. “If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable,” Pirro said. She added that the defendant led an international network that invaded victims’ privacy and stole hundreds of millions of dollars through deception.
Lam faces a maximum penalty of 20 years in prison. US District Judge Colleen Kollar-Kotelly has not yet set a date for his sentencing hearing.
The US Attorney’s quote is spot on. Cybercrime knows no borders, but accountability shouldn’t either. Good to see justice served.
Aliases like Anne Hathaway and $$$? This guy really thought he was operating under some clever ruse. Hope the sentence is steep.
I’m confused. The article says he was arrested in 2026, but the crimes happened through May 2025. Is time travel involved?
Stealing $245 million and blowing it on Birkins thrown into crowds is just absurdly excessive. True extravagance at its worst.