Latest news with #MaloneLam
The Star
20-05-2025
- The Star
Singaporean faces new charges in US over US$263mil crypto theft
Singaporean Malone Lam and the cars he bought after he allegedly stole US$230 million in cryptocurrency from a victim in Washington. He is now accused of heading a 13-member crime ring that allegedly stole hundreds of millions of dollars in cryptocurrency. - Photos: Broward Sheriff's Office, court documents SINGAPORE: (Bernama) Singaporean Malone Lam, already facing charges in the United States over a cryptocurrency theft, is now accused of heading a 13-member crime ring that allegedly stole hundreds of millions of dollars in cryptocurrency, according to local media. Lam, 20, was first charged in September last year with stealing and laundering over US$230 million (US$1 = RM4.30) in cryptocurrency from a single victim. In the new indictment, federal prosecutors alleged that he orchestrated a wider scheme with a dozen other individuals, according to CNA. He appeared in a Washington DC court on Monday (May 19), where he pleaded not guilty to the superseding indictment. Lam and Conor Flansburg, 21, from California, are named in the indictment as the group's organisers. The group allegedly met through online gaming platforms and developed a scheme that netted a total of US$263 million. They allegedly stole funds from cryptocurrency wallets, converted the crypto into US dollars, and laundered the proceeds. They also allegedly carried out home burglaries, including one incident in which a member of the crime ring broke into a victim's home in New Mexico to steal a hardware wallet containing virtual currency. The 13 suspects, including Lam, have been charged under the Racketeer Influenced and Corrupt Organisations (RICO) Act. In a press release issued on May 15, the US Attorney's Office for the District of Columbia said that members of the syndicate held various roles, including database hackers, organisers, target identifiers, callers, money launderers, and burglars targeting hardware cryptocurrency wallets. Members and associates of the enterprise allegedly used the stolen virtual currency to purchase, among others, luxury handbags, watches and clothing; rental homes in Los Angeles, the Hamptons, and Miami; private jet rentals, and a fleet of at least 28 exotic cars ranging in value from US$100,000 to US$3.8 million. "Following his arrest in September 2024 and continuing while in pretrial detention, Lam is alleged to have continued working with members of the enterprise to pass and receive directions, collect stolen cryptocurrency, and to have members buy luxury bags and hand deliver them to his girlfriend in Miami, Florida,' the statement said. - Bernama
CNA
20-05-2025
- CNA
Singaporean Malone Lam charged in US with heading crypto crime ring that stole millions
US authorities have charged Singaporean Malone Lam with heading up a 13-member crime ring that allegedly stole hundreds of millions of dollars of cryptocurrency. The 20-year-old has already been charged with stealing cryptocurrency worth US$230 million from one victim in Washington DC. Federal prosecutors claimed the gang stole US$14 million from one victim while they broke into another victim's home to steal their hardware wallet. They then converted the stolen digital currency into cash, which they shipped out to the scheme's members concealed inside "squishmallows" stuffed animals. Nick Harper reports.
Malay Mail
20-05-2025
- Malay Mail
Singaporean Malone Lam faces new US charges over US$263m crypto theft, accused of heading 13-member crime ring
SINGAPORE, May 20 — Singaporean Malone Lam, already facing charges in the United States over a cryptocurrency theft, is now accused of heading a 13-member crime ring that allegedly stole hundreds of millions of dollars in cryptocurrency, according to local media. Lam, 20, was first charged in September last year with stealing and laundering over US$230 million (RM985 million) in cryptocurrency from a single victim. In the new indictment, federal prosecutors alleged that he orchestrated a wider scheme with a dozen other individuals, according to CNA. He appeared in a Washington D.C. court on Monday, where he pleaded not guilty to the superseding indictment. Lam and Conor Flansburg, 21, from California, are named in the indictment as the group's organisers. The group allegedly met through online gaming platforms and developed a scheme that netted a total of US$263 million. They allegedly stole funds from cryptocurrency wallets, converted the crypto into US dollars, and laundered the proceeds. They also allegedly carried out home burglaries, including one incident in which a member of the crime ring broke into a victim's home in New Mexico to steal a hardware wallet containing virtual currency. The 13 suspects, including Lam, have been charged under the Racketeer Influenced and Corrupt Organisations (RICO) Act. In a press release issued on May 15, the US Attorney's Office for the District of Columbia said that members of the syndicate held various roles, including database hackers, organisers, target identifiers, callers, money launderers, and burglars targeting hardware cryptocurrency wallets. Members and associates of the enterprise allegedly used the stolen virtual currency to purchase, among others, luxury handbags, watches and clothing; rental homes in Los Angeles, the Hamptons, and Miami; private jet rentals, and a fleet of at least 28 exotic cars ranging in value from US$100,000 to US$3.8 million. 'Following his arrest in September 2024 and continuing while in pretrial detention, Lam is alleged to have continued working with members of the enterprise to pass and receive directions, collect stolen cryptocurrency, and to have members buy luxury bags and hand deliver them to his girlfriend in Miami, Florida,' the statement said. — Bernama
AsiaOne
20-05-2025
- AsiaOne
Singaporean Malone Lam charged in US for orchestrating $340m crypto theft, Singapore News
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. In one particular incident, they even broke into a victim's home to steal their hardware virtual currency wallet. Lam simultaneously helped monitor the victim's location by accessing his iCloud account. They allegedly concealed money in "squishmallow" stuffed animals and shipped them through US mail to pay the members. With the stolen money, they allegedly spent lavishly in nightclubs, while luxury handbags and luxury clothing were given away at nightclub parties. In addition to spending on luxury rental homes in Los Angeles, the Hamptons (in New York), and Miami, they also allegedly purchased a fleet of at least 28 exotic cars ranging in value from US$100,000 to US$3.8 million. Working behind bars Lam allegedly continued working with members of the enterprise even after he was arrested in September 2024, according to the indictment. While being held in detention, he continued to "pass and receive directions, collect stolen cryptocurrency" and even had members buy luxury handbags that were delivered to his girlfriend in Miami, Florida. "He is unfortunately caught up in a very complicated case. We will vigorously defend him," Lam's defence lawyer Scott Armstrong told CNBC, adding that Lam has no prior criminal record. If found guilty, Lam faces over than 20 years in prison, a fine of up to US$250,000, or up to twice his gains from the alleged scams. [[nid:716397]]
CNA
20-05-2025
- CNA
How a US crime ring led by Singaporean Malone Lam allegedly stole millions in cryptocurrency
SINGAPORE: For more than a year, Singaporean Malone Lam was purportedly the head of a crime ring in the US that stole more than US$263 million in cryptocurrency, laundering the money and breaking into homes. The 20-year-old, who goes by several monikers online, has already been charged with conducting one of the largest cryptocurrency thefts of an individual in the US. On Monday (May 19), he was accused of orchestrating a wider scheme involving at least 12 other individuals. Here's what we know about the case and what Lam is accused of. THE CRIME RING According to court documents, Lam and at least 12 other individuals were part of a crime ring described by US prosecutors as a "social engineering enterprise". Lam was allegedly central to the scheme and named in the indictment as one of its two organisers, alongside a man named Conor Flansburg. The other suspects are Marlon Ferro, Hamza Doost, Kunal Mehta, Ethan Yarally, Cody Demirtas, Aakaash Anand, Evan Tangeman, Joel Cortes, Tucker Desmond and two members named Fnu Lnu 1 and 2. Almost all of them had online nicknames. Lam had several, including '$$$', 'King Greavys' and 'Anne Hathaway'. Lam's crimes came to light when he was arrested by the FBI in September last year for allegedly working with another man, Jeandiel Serrano, to steal over US$230 million worth of Bitcoin from a victim in Washington. Serrano was not named in the latest indictment. In the latest case, the defendants face charges that include racketeering, conspiracy to commit wire fraud, money laundering and obstruction of justice. It was also revealed that Lam had rejected a recent plea deal after reviewing it with his lawyers. CRIME RING OPERATIONS Born largely from friendships made on online gaming platforms, the criminal syndicate operated between October 2023 and March 2025. These friendships evolved into agreements to commit crypto thefts in the US and abroad. Each member had designated roles: database hackers, organisers, target identifiers, callers, money launderers and burglars. Organisers and target identifiers – Lam's and Flansburg's roles – were responsible for collating information across databases to determine the most valuable targets. After identifying these targets, other members made fake "support" calls to the victims, claiming to be employees from major virtual currency exchanges or email providers. Database hackers would push unauthorised notifications to the victims to make the scam calls seem more legitimate. During the calls, victims would be tricked into providing personal information, such as passwords to email accounts and cloud storage, master keys to crypto accounts and other login details. If the group discovered "substantial virtual currency holdings" on physical devices, it would break into homes to get the physical hardware wallets. In one such break-in, a member of the group travelled to New Mexico in July 2024 and broke into a home while Lam monitored the victim's location by logging into his iCloud account. The stolen cryptocurrency would be laundered through offshore virtual currency exchanges and converted. After that, it is sent to other members of the crime ring, who exchanged the crypto funds for cash and wire transfers. COVERING THEIR TRACKS The gang's members and associates covered their tracks by placing their homes and cars under the names of straw owners or shell companies. Straw owners, or signers, are people who agree to hold the title of another's car or home for a fee. In one case, Lam had requested to tour a home before paying the full US$3 million. But he was told it was not a good idea because the realtor had placed the home under the name of a 55-year-old living at the residence with his family, in an effort to conceal Lam's payment and ownership of the home. In another message between two members, in which one explained how he disguises and conceals the true owners of exotic car purchases, he said: "Our goal is to cover our tracks in a way that if anything comes back ever, we are covered and have no stress." The court was also told how a "squishmallow" stuffed toy filled with US$50,000 in cash was shipped between members. The group communicated on Telegram and Signal, regularly updating their accounts for security. Its members also received information from off-duty law enforcement officers. In September 2024, one such officer informed a money exchanger that federal law agencies were investigating members of the crime ring. The same month, Lam "obtained information" about the investigation from an off-duty law enforcement officer, and that authorities were on their way to arrest him. This prompted him to go to the rear of his Miami rental home, where he dropped his mobile phone off the boat dock and into Biscayne Bay to destroy incriminating evidence. HOW DID THEY SPEND THE MONEY? The members of the crime ring lived the high life – renting luxury homes in Los Angeles, the Hamptons and Miami, as well as using private jets and hiring a team of private security guards. They racked up nightclub bills of more than US$500,000 a night, bought branded handbags to give away at parties, and wore luxury clothes and watches. The group also bought guns to protect themselves from rival cybercrime gangs. At least 28 cars are set to be forfeited in the case – worth between US$100,000 and US$3.8 million. They include seven Lamborghinis, four Porsches, three Rolls-Royces and three Ferraris. More than 90 items are also on the list, including several Louis Vuitton pillows and multiple pairs of luxury shoes. Even behind bars, Lam was still in contact with other members of the crime ring. He gave instructions to these members to buy multiple Hermes Birkin purses and deliver them to his girlfriend in Miami.
