Singaporean Malone Lam charged in US for orchestrating $340m crypto theft
Singaporean Malone Lam has been charged in Washington DC for leading a cryptocurrency crime ring that stole over US$263 million (S$340 million) from victims.
This follows a previous charge on Sep 19, 2024, when the 20-year-old was charged for fraud and money laundering conspiracy worth over US$230 million in cryptocurrency from a single victim.
Lam appeared in court on Monday (May 19), where he pleaded not guilty to the superseding indictment, reported CNA.
In the latest indictment from May 15, federal prosecutors alleged that Lam had been one of the two leaders in a crime ring with 11 other men.
He allegedly identified potential victims for the crime ring, while other members hacked databases, laundered money and orchestrated house break-ins.
According to the indictment, the individuals became acquainted through online gaming platforms, where the enterprise began no later than October 2023 and continued through March 2025.
Members of the enterprise allegedly stole cryptocurrency assets, converted the assets to dollars, and laundered the money.