22-Year-Old Singaporean Who Blew a $245M Bitcoin Haul on Ferraris and $569k Club Night Pleads Guilty

Malone Lam, a 22-year-old Singaporean, pleaded guilty on Tuesday to a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy over a cryptocurrency scheme that prosecutors say stole more than $245 million in Bitcoin from a Washington DC resident.

The proceeds were spent on luxury cars, a $2 million watch, private jets and nightclub bills, including more than $569,000 Lam ran up in a single night at a Los Angeles club.

The plea was to the racketeering conspiracy, not a standalone theft count. Prosecutors say Lam organised the operation, identified targets and coordinated the roles of other conspirators. The enterprise used the stolen cryptocurrency to fund a month-long spending spree before Lam was arrested in Miami on 18 September 2024.

How the 4,100 Bitcoin Were Stolen

The coins were taken on 18 August 2024. Two alleged co-conspirators, prosecutors say, posed as representatives of Google and cryptocurrency exchange Gemini and convinced the Washington DC victim to provide access to his Google Drive and security codes.

That gave the group access to more than 4,100 Bitcoin. The Justice Department's current account values that haul at more than $245 million.

The valuation has shifted as the prosecution developed. The 2024 charging announcement put the 4,100-plus Bitcoin at more than $230 million at the time, while a 2025 superseding indictment valued the wider cryptocurrency thefts attributed to the enterprise at more than $263 million.

The latter was not a second valuation of the Washington DC haul. Prosecutors say the cryptocurrency was moved through exchanges and mixing services before being converted and spent on luxury goods and other expenses.

Ferraris, a $2 Million Watch and a $569,000 Club Bill

Lam and his associates bought more than 30 vehicles, including Ferraris, Lamborghinis and customised Porsches, according to the FBI. Lam also bought a $2 million watch, while members of the wider group rented homes in Los Angeles, Miami and the Hamptons, travelled by private jet and used private security.

Court records cited in reporting showed Lam spent $569,528.39 at a Los Angeles nightclub in one evening. The Justice Department separately said members of the enterprise ran nightclub bills of up to $500,000 a night.

The spending continued for about a month after the Bitcoin theft. Lam was arrested at a Miami rental home on 18 September 2024, according to the charging papers and subsequent court filings.

A Crew Built on Gaming Platforms

The enterprise began no later than October 2023 and continued through at least May 2025, according to prosecutors. It grew through connections made on online gaming platforms and involved people in several US states and overseas.

The alleged roles included database hackers, target identifiers, callers, organisers, money launderers and residential burglars who targeted cryptocurrency hardware wallets. Lam was identified by the Justice Department as the organiser and ringleader of the operation.

The Justice Department said Lam used the aliases 'Anne Hathaway', '$$$' and 'King Greavy'. AP reported that Lam had left school in the eighth grade before later moving to the US.

Lam Is the 11th Defendant To Plead Guilty

Lam entered his plea before US District Judge Colleen Kollar-Kotelly on Tuesday. He faces a maximum sentence of 20 years in prison on the RICO conspiracy count, although no sentencing date has been set. A status hearing is scheduled for 8 December 2026.

Lam is the 11th of 18 defendants charged in the case to plead guilty, according to AP. The remaining defendants continue to face proceedings over their alleged roles in the cryptocurrency enterprise.