Singaporean Malone Lam Faces More Charges in $263M Crypto Theft Conspiracy
Singaporean Malone Lam, initially charged in September 2024, faces additional charges for his alleged role in a vast cryptocurrency theft conspiracy. The U.S. Department of Justice (DOJ) has added 12 more individuals to the indictment, with several arrests made in California. Lam is accused of continuing his involvement even after his initial arrest.
The conspiracy, which began around October 2023, involved tactics such as database hacking, social engineering, and home break-ins. Lam gained unauthorized access to a victim's account and transferred approximately 4,100 Bitcoin, worth around $230 million at the time. The group, which included individuals living in Dubai, concealed their identities using cryptocurrency mixers and virtual private networks (VPNs).
The DOJ alleges that Lam directed the transfer of stolen cryptocurrency and arranged for luxury goods to be delivered to his girlfriend in Miami, Florida, while in pre-trial detention. Lam and his associates are accused of spending the stolen cryptocurrency on a lavish lifestyle, including high-value nightclub services, luxury goods, rental homes, private jet rentals, and exotic cars. The scheme resulted in over $263 million in cryptocurrency thefts.
Lam, along with 12 other individuals, faces charges for their alleged involvement in a cyber-enabled racketeering conspiracy. Several have been arrested, while two remain abroad in Dubai. The DOJ continues to investigate and prosecute those responsible for this large-scale cryptocurrency theft.
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