Singaporean charged in US over US$263m crypto theft and laundering scheme
US prosecutors have charged 20-year-old Singaporean Malone Lam with leading a syndicate that stole and laundered more than US$263 million in cryptocurrency. He pleaded not guilty on 19 May in Washington DC. His trial is set for October 2025.
- Singaporean citizen Malone Lam, 20, has been accused of leading a syndicate that stole over US$263 million in cryptocurrency.
- He pleaded not guilty on 19 May 2025; his trial is set for October 2025 in Washington DC.
- Prosecutors allege he lived lavishly off the proceeds, buying luxury goods, cars, and properties, while directing operations even after his arrest.
A Singaporean citizen has been accused of leading a multi-million-dollar cryptocurrency theft and laundering ring in the United States.
Federal prosecutors allege that 20-year-old Malone Lam orchestrated a criminal scheme that stole more than US$263 million from multiple victims before laundering the proceeds.
Lam pleaded not guilty to a superseding indictment during a court hearing in Washington DC on 19 May 2025.
Alleged role as ringleader
According to the US Attorney’s Office for the District of Columbia, Lam and American national Conor Flansburg, 21, acted as the ringleaders of a group of 13 individuals.
The pair allegedly identified and targeted high-value cryptocurrency holders, directing the theft of digital assets before laundering the stolen funds across the country.
A prior indictment accused Lam of stealing 4,100 Bitcoin, then valued at more than US$230 million, from a single victim in Washington DC in August 2024.
Methods of theft and concealment
Prosecutors say the group operated through online gaming platforms, which provided the initial connections among its members. Over time, this grew into a sophisticated operation focused on hacking cryptocurrency wallets and converting digital funds into cash.
The stolen money was reportedly hidden inside “squishmallow” stuffed animals before being shipped to other members of the syndicate.
In one incident, a member allegedly burgled a residence in New Mexico to steal a hardware wallet containing cryptocurrency.
Authorities also claim Lam issued instructions to his associates even after his arrest in September 2024. He allegedly remained in contact with the group, directing operations from detention and receiving updates on their activities.
Lavish spending and luxury assets
Prosecutors detailed Lam’s extravagant lifestyle, which they argue was financed by illicit gains.
He allegedly spent up to US$500,000 in a single night at nightclubs, purchased 28 luxury vehicles worth up to US$3.8 million each, and acquired designer handbags and clothing.
Lam also reportedly arranged for luxury handbags to be delivered to his girlfriend in Miami and secured rentals in exclusive areas including Los Angeles, Miami, and the Hamptons.
Additional thefts under investigation include the alleged misappropriation of US$14 million from another victim.
Charges under RICO
All 13 individuals involved have been charged under the Racketeer Influenced and Corrupt Organisations (RICO) Act, a federal law commonly used against organised crime networks.
If convicted, Lam could face more than 20 years in prison and fines of up to US$250,000 or twice the value of his illegal proceeds.
Defence response
Lam’s lawyer, Scott Armstrong, told Singapore media outlet CNA that his client “looks forward to exercising his right to trial by jury in this case.”
The trial is scheduled to begin in October 2025.
Wider context
The case highlights growing concerns about cyber-enabled financial crime and the vulnerability of digital asset holders.
US authorities have stepped up enforcement against cryptocurrency-related fraud, warning that decentralised finance ecosystems are increasingly exploited by organised criminal groups.
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