Singaporean man pleads guilty in US to massive crypto heist

Breaking news from the markets: Singaporean man pleads guilty in US to massive crypto heistImage source, Broward County Sheriff's OfficeImage caption, Malone Lam, 22, was accused of organising a group of friends to steal cryptocurrencyByPeter Hoskins, Business reporter and Kelly Ng, Reporting fromSingaporePublished9 September 2026A Singaporean man pleaded guilty on Tuesday to a racketeering conspiracy charge in the US for organising one of the biggest ever cryptocurrency thefts. Malone Lam admitted to teaming up with friends to steal $245m (£181m) of bitcoin and laundering the proceeds. The 22-year-old and his associates used the money to spend up to $500,000 per evening at nightclubs, according to the US Department of Justice (DOJ).

It also said they bought a fleet of exotic cars, ranging in value from $100,000 to $3. Lam faces a maximum prison sentence of 20 years. US District Judge Colleen Kollar-Kotelly did not immediately schedule a sentencing hearing for him.

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"If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable," said US Attorney Jeanine Pirro said. "This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency," she added. Image source, US Department of JusticeImage caption, In an image released by US authorities, Lam is seen partying in a Miami nightclub in September 2024 holding large amounts of cashLam told investigators in the US that he had dropped out of secondary school in Singapore when he was 14.

He travelled to the US in October 2023 and remained there after his visa expired in January the next year. According to court documents, the conspiracy began no later than October 2023 and continued to at least May 2025. The co-conspirators, who came from California, Connecticut, New York, Florida, and outside the US, met via online gaming platforms.

The DOJ said Lam, who also went by the names Anne Hathaway, $$$ and King Greavy, was the ringleader of the criminal enterprise, who identified victims and coordinated the roles of the different conspirators. They tricked people into giving away confidential information and conducted occasional home break-ins to obtain details that allowed them to drain their victims' cryptocurrency wallets, the DOJ said. The stolen cryptocurrency was also used to buy Hermes Birkin handbags, valued in the tens of thousands of dollars, which were thrown into crowds at nightclub parties, according to the DOJ.

Other items that the DOJ said the proceeds were spent on included high-end watches worth up to $500,000, luxury clothing valued in the tens of thousands of dollars, rental homes in Los Angeles, the Hamptons, and Miami, private jet rentals for travel and a team of private security guards.

Financial markets are tracking the development closely as investors assess the likely impact.