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
