Malone Lam
Cybercriminal (born 2004)
From Wikipedia, the free encyclopedia
Malone Lam Yu Xuan (born 19 July 2004)[1] is a Singaporean man who was indicted in 2024 in connection with an alleged cryptocurrency theft and money laundering scheme exceeding $260 million, according to U.S. Attorney’s Office for the District of Columbia.[2][3]
Malone Lam | |
|---|---|
Malone Lam on September 18th, 2024, after being taken into custody | |
| Born | Malone Lam Yu Xuan 19 July 2004 |
Prosecutors allege that Lam and his associates stole more than 4,100 Bitcoin from a single investor, in what authorities describe as the largest known single-victim cryptocurrency heist in history, and the first Bitcoin-related Racketeer Influenced and Corrupt Organizations Act (RICO) in history.[4] Lam has admitted to being involved in multiple crypto thefts.[5]
Early life and education
Lam grew up in Singapore. He attended Unity Secondary School in Choa Chu Kang,[6] in 2017.[7] By his teenage years, he had dropped out of school and became involved in cryptocurrency trading and online gaming communities, including Minecraft and Discord.[8]
In October 2023, he moved to the United States residing in Miami, Florida,[9] Los Angeles, California, and the Hamptons, New York.[10] He entered the United States via the Visa Waiver Program, which had expired by 2024.[11]
Background
According to prosecutors, Lam started the Social Engineering Enterprise with two roommates while living in Texas. Over the following months, group grew to 14 members from California, Connecticut, New York, Florida, as well as outside the United States. It's alleged that the group targeted people with large amounts of cryptocurrency, identified through the hacked databases, information purchased on the dark web, and phishing e-mails. The stolen currency would then be laundered and cashed out into physical fiat money. By 2024, members of the group began arming themselves with guns and on 8 July of the same year, the group burglarized the home of a victim in New Mexico, stealing hardware containing cryptocurrency.[12][13]
According to The New York Times, Lam and his co-conspirator Jeandiel Serrano live-streamed a social engineering heist to friends online and later used the stolen funds to go on a spending spree involving 33 luxury cars, jewelry, travel, and nightclubs[14] before being arrested within a month of the theft.[15]
Lam was arrested by the Federal Bureau of Investigation (FBI) on 18 September 2024 in Miami, Florida. He had thrown his mobile phone into the Biscayne Bay before being apprehended, having been informed by an off-duty police officer of his impending arrest. The network surrounding Lam continued its activities until May 2025.[16]
In 2025, a superseding federal indictment expanded the case, describing a wider criminal enterprise that allegedly operated from 2023 to 2025.[17] According to the indictment, Lam and 12 others allegedly orchestrated additional thefts, including an incident in July 2024 in which cryptocurrency was taken from a second victim, and are said to have coordinated a burglary in New Mexico. A number of these individuals have pleaded guilty.[18][19] In 2025, it was reported that U.S. prosecutors had offered Lam a new plea deal.[20] As of May 2026, nine defendants had pleaded guilty to charges, some of whom voiced a willingness to testify against Lam in case of trial. Four others, including Lam, did not enter a plea. His next court appearance for a status hearing was scheduled for 18 June 2026.[21]