Malone Lam, a 22-year-old Singaporean national living in Miami, has pleaded guilty in the US to racketeering conspiracy for leading a cybercrime ring that stole and laundered hundreds of millions of dollars in cryptocurrency from wealthy victims. Lam recruited some of the group's earliest members after meeting them while playing Minecraft online, and the case highlights how social engineering scams targeting crypto holders can escalate into large, highly organised criminal operations with international reach.

The scheme ran from October 2023 to May 2025, with Lam responsible for identifying wealthy targets and supporting social engineering efforts, while other members posed as staff from firms such as Google, Coinbase and Gemini to trick victims into handing over account access codes. Individual thefts ranged from around $800,000 to tens of millions of dollars, with one victim alone losing more than $245 million; in one case the gang even arranged a physical burglary to steal a hardware wallet. Prosecutors say the roughly 12-person crew spent its proceeds on mansions, private jets, bodyguards and supercars worth up to $3.8 million. Lam, arrested in September 2024, faces up to 20 years in prison, with a status hearing set for 8 December.