Malone Lam is 22, from Singapore, and lives in Miami. In the US, he has pleaded guilty to a racketeering charge tied to a $263 million cryptocurrency theft and laundering operation that, according to court filings, ran from October 2023 through May 2025.
The filings say Lam was part of a 12-person group that went after wealthy crypto holders using social engineering during that period. One of the biggest hits came in August 2024, when more than 4,100 Bitcoin were taken from a victim in Washington, DC, worth about $230 million at the time. Other thefts, the filings say, ranged from $800,000 to tens of millions. Lam could face up to 20 years in prison, and a status hearing is set for December 8.
Prosecutors say the group grew out of Minecraft connections involving Jeandiel Serrano and Veer Chetal. From there, investigators say, members posed as Google employees and staff at crypto exchanges, set off security alerts, and pressured victims into handing over access to their wallets. The money, prosecutors say, paid for 31 exotic cars, houses in Los Angeles, Miami, and the Hamptons, private jets, bodyguards, designer goods, and nightclub spending that reached $500,000. Lam was arrested in September 2024. Marlon Ferro, meanwhile, was sentenced to 6.5 years for handling burglaries when the scams didn’t work.
If you keep an eye on enforcement cases, this plea is one to watch, and the court filings are where to follow it. They show that associates have already pleaded guilty, that Veer Chetal is expected to testify, and that 12 more defendants, some believed to be in Dubai, were charged in May 2025.
Author: Manuel Bosque
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