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REG AD cyber-crime Stolen funds bought mansions, private jets, and supercars – now he faces up to 20 years The ringleader of a sprawling cybercrime operation has pleaded guilty in the US after helping to steal and launder hundreds of millions of dollars in cryptocurrency. Malone Lam, 22, a Singaporean national and Miami resident, spearheaded the scheme to steal cryptocurrency from wealthy individuals between October 2023 and May 2025. He first visited the US in 2023 after meeting two of the group's earliest alleged members—Jeandiel Serrano and Veer Chetal—while playing Minecraft online.
Lam performed various functions within the group, with victim selection and social engineering support identified as his principal roles. He obtained databases of high-net-worth individuals with cryptocurrency holdings to target them and triggered account access notifications on victims' devices to deceive them into believing their accounts were under attack. Lam was also involved in laundering proceeds through exchanges with lax KYC requirements.
Other group members carried out social engineering calls, impersonating platforms like Google, Yahoo, Coinbase, and Gemini to steal personal information and access codes. Once access was gained, the crew searched for cryptocurrency accounts, seed phrases, and passwords. In one case, they physically broke into a victim’s home to steal cryptocurrency from a hardware wallet.
The operation spanned nearly two years, with thefts ranging from $800,000 to tens of millions, including a victim losing over $245 million. The crew allegedly comprised at least 12 individuals. They spent illicitly, renting luxury properties in Miami, Los Angeles, and the Hamptons; chartering private jets; hiring bodyguards; and purchasing exotic cars worth up to $3.8 million.
Lam was arrested at a Miami property on September 18, 2024. He pleaded guilty to racketeering conspiracy, carrying a maximum sentence of 20 years. Prosecutors claim the group spent up to $500,000 at a nightclub, bought luxury items worth tens of thousands to millions, and splurged on high-end fashion and watches.
Lam’s sentencing hearing is pending, with a status hearing set for December 8.
Source: The Register
