Malone Lam: The 20-Year-Old Behind a Global Crypto Crime Ring

Malone Lam, a 20-year-old from Singapore, has gained global notoriety as the alleged leader of a massive cryptocurrency crime syndicate. 

Known online as “Anne Hathaway” and “$$$,” Lam is accused of orchestrating a scheme that stole over $263 million in crypto. 

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Background of Malone Lam

Born as Malone Lam Yu Xuan in Singapore, he was just a regular student in Choa Chu Kang seven years ago. By 2023, he had relocated to the U.S., living in Miami and Los Angeles on an expired tourist visa. 

Without a job or fixed address, Lam allegedly funded his extravagant lifestyle through crypto scams, amassing millions before his arrest in September 2024.

Rise in the Crypto World

Lam’s entry into crypto crime started through friendships forged on online gaming platforms like Discord and Steam. 

These connections grew into a sophisticated criminal network targeting wealthy crypto investors. His tech-savvy skills and ability to manipulate digital systems positioned him as a key figure in the operation, earning him a reputation as a cunning orchestrator.

Read Also: Sahil Crypto or Sahil Arora: Profile and Crime

The Crypto Crime Ring

Lam, alongside 21-year-old Conor Flansburg, allegedly led a 13-member gang that used social engineering tactics to steal cryptocurrency. 

They sent fake Google account alerts, posing as tech support to trick victims into sharing security codes. This granted access to crypto wallets, with one theft in August 2024 netting 4,100 Bitcoin, valued at $230 million at the time.

Laundering the Stolen Funds

The gang laundered stolen crypto through exchanges and mixing services, converting it into cash. They concealed money inside “Squishmallow” stuffed animals, shipping them across the U.S. to evade detection. 

By using virtual private networks (VPNs) and “peel chains,” they obscured their identities, making it challenging for authorities to trace the funds.

Home Invasions and Bold Tactics

The crime ring’s activities extended beyond digital theft. In July 2024, a member allegedly broke into a New Mexico home to steal a hardware wallet, with Lam tracking the victim’s location via iCloud.

This combination of cybercrime and physical burglaries highlights the gang’s audacity and willingness to escalate their methods.

Lavish Spending Spree

• Massive Nightclub Bills: Lam reportedly spent up to $500,000 per night at elite nightclubs, with one evening costing $569,528, showcasing his reckless spending habits.

• Luxury Car Collection: He amassed 31 high-end vehicles, including a $3.8 million Pagani Huayra and a $1 million Lamborghini Revuelto, though 22 cars remain missing.

Mansions and Designer Goods

Lam rented lavish mansions in Los Angeles, the Hamptons, and Miami, one costing $68,000 a month. 

He splurged on luxury watches, including a $1.8 million piece, and gifted designer handbags worth tens of thousands to his girlfriend. His flashy lifestyle, flaunted on social media, drew scrutiny from authorities and crypto investigators.

Read Also: Spain's Crypto Scam Network Exposed: Over 5,000 Victims Identified

Running the Operation from Behind Bars

Even after his arrest in September 2024, Lam allegedly continued to run the crime ring from detention. He directed members to collect stolen crypto and deliver luxury Hermès bags to his girlfriend in Miami. 

This brazen behavior underscores his central role in the syndicate and his refusal to halt operations despite being in custody.

Legal Troubles and Charges

Serious Charges: Lam and 12 others face charges under the Racketeer Influenced and Corrupt Organizations (RICO) Act, along with conspiracy to commit wire fraud, money laundering, and obstruction of justice.

Scope of the Scheme: The operation, running from October 2023 to March 2025, stole over $263 million, targeting high-value crypto holders across the U.S.

Upcoming Trial

Lam pleaded not guilty in a Washington, D.C., court on May 19, 2025. His trial, scheduled for October 2025, could result in over 20 years in prison and fines up to $250,000 or twice his illicit gains. 

His lawyer, Scott Armstrong, stated that Lam is eager to exercise his right to a jury trial, maintaining his innocence.

Impact on the Crypto Community

Lam’s case has sent shockwaves through the cryptocurrency world, exposing vulnerabilities in digital wallets and the dangers of social engineering scams. 

Blockchain investigator ZachXBT played a pivotal role in tracing the stolen funds, emphasizing the need for better security measures. The case has sparked discussions about improving safeguards for crypto investors and regulating the industry.

Global Implications and Lessons Learned

The scale of Lam’s alleged crimes highlights the growing threat of crypto-related fraud. As digital currencies gain popularity, criminals are finding new ways to exploit vulnerabilities. 

Law enforcement agencies worldwide are now collaborating to combat such schemes, with the FBI and international partners intensifying efforts to track illicit crypto transactions.

Read Also: Russian National Faces 22 Charges for Laundering $530M in Cryptocurrency

Conclusion

Malone Lam’s story is a stark warning about the risks of unchecked ambition in the crypto world. From a Singaporean student to an alleged mastermind of a $263 million crime ring, his rise and fall underscore the need for stronger security in digital finance. 

As his October 2025 trial approaches, the crypto community awaits justice and hopes for reforms to prevent future scams.

FAQ

How did Malone Lam’s gang steal crypto?

They used social engineering, fake Google alerts tricked victims into giving security codes, granting access to wallets.

What’s the biggest crypto heist linked to Lam?

In August 2024, the gang stole 4,100 BTC worth $230M at the time.

How did they launder the stolen funds?

Through exchanges, mixers, peel chains, and even hiding cash in Squishmallows.

Did the gang only commit online crimes?

No. They also staged home invasions, even stealing hardware wallets using iCloud tracking.

What are the charges Lam is facing?

RICO violations, wire fraud, money laundering, and obstruction, potentially 20+ years in prison.

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