A 22-year-old school dropout steals $245 million in Bitcoin by posing as Google and Gemini executives; pleads guilty to stolen fortune funds: Ferraris, mansions and a night of partying worth $569,000 | World news
A 22-year-old Singaporean has pleaded guilty to his role in an international cryptocurrency extortion operation that prosecutors say stole and laundered more than $245 million in digital assets. Malone Lam, an eighth-grade dropout who later lived in Miami, admitted participating in a RICO conspiracy after investigators linked him to a network that used social engineering to target cryptocurrency holders. In the largest theft described in the case, Lam and his associates obtained more than 4,100 Bitcoin from a Washington, D.C., victim in August 2024, after the conspirators posed as representatives of Google and the Gemini cryptocurrency exchange. The stolen fortune then turned into an extravagant lifestyle that included exotic cars, luxury watches, mansions, private jets and lavish nightclub spending, including a $569,000 night out in Los Angeles.
22-Year-Old High School Dropout Pleads Guilty After $245M Crypto Theft
Lam pleaded guilty on September 8, 2026, in the United States District Court in Washington, DC, to one count of participating in a RICO conspiracy. The United States Department of Justice describes him as the ringleader of an international cybercrime enterprise that used social engineering to steal and launder cryptocurrencies valued at more than $245 million. The company allegedly operated from at least October 2023 to May 2025 and involved individuals based in several US states and abroad. Lam, a Singapore citizen and former Miami resident, allegedly used online aliases including “Anne Hathaway,” “$$$” and “King Greavy.” Prosecutors say he organized the social engineering operation, identified potential victims and coordinated the different roles within the network. He is one of 18 defendants in the broader case and the 11th to plead guilty. Lam faces a maximum sentence of 20 years on the RICO conspiracy charge, while a status hearing is scheduled for Dec. 8, 2026.
How the group stole more than 4,100 Bitcoin
The most significant theft in the case occurred on August 18, 2024, when Lam and alleged accomplices targeted a cryptocurrency investor in Washington, DC. According to prosecutors, the group members used social engineering instead of simply breaking into the victim’s cryptocurrency wallet. Two conspirators posed as representatives of Google and the Gemini cryptocurrency exchange and convinced the victim that her accounts faced security issues. They manipulated him into giving them access to his Google Drive and revealing security codes. Those details allowed the conspirators to gain the access necessary to transfer more than 4,100 Bitcoin from the victim. The original federal indictment valued the Bitcoin at more than $230 million at the time of the theft. The current Justice Department case outlines that the company overall stole and laundered more than $245 million worth of cryptocurrency.The operation was allegedly larger than the only robbery in Washington. The expanded indictment says members of the company also stole more than $14 million in cryptocurrency from another victim in July 2024. Prosecutors described a division of labor involving database hackers, target IDs, callers, organizers, money launderers and people allegedly involved in residential burglaries targeting cryptocurrency hardware wallets. The group reportedly developed through friendships formed on online gaming platforms, showing how an online social network evolved into a criminal enterprise targeting wealthy cryptocurrency holders.
Stolen Bitcoin financed Ferraris, mansions and a $569,000 night out
After obtaining the cryptocurrency, Lam and other members of the operation allegedly moved the money through various channels in an effort to conceal its origins before converting portions of it into cash and luxury purchases. The expense was extraordinary. According to the AP, Lam bought more than 30 cars, including customized Porsches, Lamborghinis and Ferraris, and bought a watch worth about $2 million. He and his associates also rented mansions in Miami and used stolen cryptocurrency to finance private jets, security personnel, luxury clothing and expensive watches. One of the most surprising individual spending figures came from a Los Angeles nightclub, where Lam spent approximately $569,000 during a single night. The Justice Department says members and associates of the broader conspiracy spent up to $500,000 a night on nightclub services and purchased exotic vehicles ranging in value from $100,000 to $3.8 million.The wider investigation also uncovered unusual methods allegedly used to move and conceal profits. Prosecutors say company members used luxury rental properties, private jets and shell companies to disguise ownership of assets. The expanded indictment alleges that some members provided unlicensed cryptocurrency-to-cash conversion services and that cash was even sent in bulk through the U.S. postal system hidden inside Squishmallow plush toys. These details come from the indictment and should therefore be treated as allegations against the relevant defendants, unless separately established by guilty pleas or convictions.
Month-long spending spree ended with FBI arrests
The extravagant lifestyle did not last long. Lam and alleged accomplice Jeandiel Serrano were arrested in September 2024, about a month after the major Bitcoin theft. Investigators were able to trace part of the operation despite attempts to cover up the digital trail. The AP reported that Lam was arrested in Miami after an off-duty police officer allegedly warned him that authorities were coming. Serrano was also arrested after investigators traced cryptocurrency activity to a luxury property in California. The investigation eventually expanded dramatically, and federal prosecutors charged 18 people in connection with the broader enterprise. Three accomplices had already been sentenced before Lam pleaded guilty, while other defendants have pleaded guilty or remain involved in pending proceedings.Lam’s own response during the investigation provided another extraordinary detail. According to the AP, investigators recorded him speaking from jail and saying that he and his associates had previously discussed what it would be like if he were arrested, but had never expected events to turn so serious. In a previous court appearance, a prosecutor described the magnitude of the expense, prompting federal Judge Alicia Valle to compare the case to “Ferris Bueller gone wrong.” The comparison concerned the young protagonist of the 1986 film who skips school and embarks on an extravagant day of adventure, although Lam’s alleged activities were much more serious and involved hundreds of millions of dollars in stolen cryptocurrency.
From friendships in online games to one of the largest cryptocurrency thefts in the United States
The case illustrates how social engineering can turn personal information into access to huge amounts of cryptocurrency without requiring criminals to physically enter the victim’s home or directly defeat sophisticated blockchain technology. Prosecutors say Lam’s company grew out of friendships formed through online gaming platforms and eventually developed specialized roles to find wealthy targets, contact them, obtain sensitive information and launder the resulting cryptocurrency. At times, the group allegedly combined digital deception with physical crimes, including home burglaries targeting hardware wallets. Lam’s guilty plea now represents a major development in a federal investigation that prosecutors have described as one of the largest cryptocurrency theft cases in US history. He has admitted to the RICO conspiracy, but allegations involving other defendants remain subject to the legal process.Lam’s sentence has not yet been pronounced. His next status hearing is scheduled for December 8, 2026, and he faces a statutory maximum of 20 years in prison for the RICO conspiracy charge. The case also resulted in the seizure and recovery of luxury assets related to the operation, adding another chapter to a story that began with online gaming connections and social engineering calls and escalated into a cryptocurrency theft worth hundreds of millions of dollars.
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