{"id":13021,"date":"2026-09-09T19:20:24","date_gmt":"2026-09-09T19:20:24","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=13021"},"modified":"2026-09-09T19:20:24","modified_gmt":"2026-09-09T19:20:24","slug":"how-a-22-year-old-built-a-245-million-crypto-crime-ring","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=13021","title":{"rendered":"How a 22-year-old built a $245 million crypto crime ring"},"content":{"rendered":"

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Malone Lam pleaded guilty to leading a crypto theft enterprise that prosecutors say stole and laundered more than $245 million.<\/p>\n

The 22-year-old Singapore citizen admitted Tuesday in Washington to participating in a racketeering conspiracy, marking a major turn in a case that began with one of the largest known thefts from an individual Bitcoin holder.<\/p>\n

Prosecutors said Lam organized an international network that targeted crypto owners through social engineering and, in some cases, home break-ins to obtain information needed to drain their wallets. The enterprise operated from at least October 2023 through May 2025 and included participants in California, Connecticut, New York, Florida and overseas.<\/p>\n

Lam, who used online aliases including \u201cAnne Hathaway,\u201d \u201c$$$\u201d and \u201cKing Greavy,\u201d selected targets and coordinated roles across the group, prosecutors said. The network grew from relationships formed on online gaming platforms before developing into a wider operation built around stealing and laundering digital assets.<\/p>\n

The proceeds financed an extravagant lifestyle. Members spent as much as $500,000 during a single nightclub evening, gave away luxury handbags at parties and bought watches worth between $100,000 and more than $500,000. Prosecutors also described private-jet rentals, homes in Los Angeles, the Hamptons and Miami, private security teams and exotic cars valued at as much as $3.8 million.<\/p>\n

Prosecutors arrested Lam in September 2025 at a rented home in Miami. His guilty plea to one RICO conspiracy count turns allegations surrounding the broader organization into an admission of criminal participation, while the case against other alleged participants continues.<\/p>\n

One victim lost more than 4,100 Bitcoin<\/h2>\n

The scale of Lam’s operation became public in 2024 after prosecutors accused him and Jeandiel Serrano of participating in the theft of more than 4,100 Bitcoin from a single Washington, D.C., victim.<\/p>\n