--- title: "Singaporean Ringleader Malone Lam Appears in US Court as Plea Talks Continue Over $265 Million Crypto Theft" type: "News" locale: "en" url: "https://longbridge.com/en/news/270100588.md" description: "Singaporean Malone Lam, accused of leading a global crypto theft enterprise, appeared in a US court as plea negotiations continue. Lam, linked to a $265 million crypto fraud, faces charges alongside 16 others. The case involves the theft of over 4,100 Bitcoins, valued at over $350 million today. The group allegedly used social engineering to access victims' crypto accounts, funding lavish lifestyles. Nine co-conspirators have pleaded guilty, increasing pressure on Lam. A procedural change in the prosecution team was noted, with a new prosecutor taking over." datetime: "2025-12-18T03:40:26.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/270100588.md) - [en](https://longbridge.com/en/news/270100588.md) - [zh-HK](https://longbridge.com/zh-HK/news/270100588.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/270100588.md) | [繁體中文](https://longbridge.com/zh-HK/news/270100588.md) # Singaporean Ringleader Malone Lam Appears in US Court as Plea Talks Continue Over $265 Million Crypto Theft Uncertainty continues to hang over one of the United States’ largest crypto fraud prosecutions, as Singaporean Malone Lam returned to federal court amid signs that a negotiated resolution may still be possible. Lam, accused by prosecutors of leading a global criminal enterprise that siphoned hundreds of millions of dollars in cryptocurrency, appeared for a status hearing in Washington, DC as his legal team confirmed that plea discussions with the government remain active. > Meet Malone Lam. > > 20 years old. Unemployed. Overstaying his US visa. > > Online aliases: "Anne Hathaway" and "$$$" > > In August 2024, he targeted one man. > > What happened next became the largest crypto theft from a single person in US history. pic.twitter.com/9BJP6xM2OX > > — Genius Business 🇺🇸 (@GeniusBusiness\_) August 18, 2025 ## Plea Talks Still Open As Both Sides Seek Resolution Lam’s lawyer, John Patrick Pierce, told the court that negotiations have not broken down and that both sides remain willing to pursue a deal. Pierce said, > “We do want to give best efforts at a resolution, and I believe Mr Hart and I can do that in good faith.” Mr Hart refers to Assistant United States Attorney William Hart. The government’s most recent plea offer was made in mid-November, though its terms were not disclosed in court. Lawyers from both sides agreed to return on 12 January 2026 at 9.30am local time (10.30pm, Singapore time) to update the judge on whether progress has been made. ## Prosecutor Change As Case Expands Further The hearing followed a procedural shift in the prosecution team. A motion was filed a day earlier to formally replace Assistant United States Attorney Kevin Rosenberg, who had led the case since its early stages, with Hart. The change comes as the case continues to grow in scale. Since Lam’s last appearance in November, the court has unsealed a Second Superseding Indictment that adds three more defendants, raising the total number of people charged to 17. ## More Arrests Linked To Global Crypto Crime Network The US Department of Justice has charged Nicholas Dellecave, Mustafa Ibrahim and Danish Zulfiqar with RICO conspiracy for their alleged roles in the operation, which prosecutors say involved database hacking, identity deception and large-scale crypto laundering. Dellecave was arrested in Miami on 3 December 2025. Zulfiqar and Ibrahim were arrested in Dubai on related charges, according to the Department of Justice. > Update: A superseding indictment from a few hours ago confirmed my analysis that Danny / Danish Zulfiqar (Khan) was arrested in Dubai. > > Seizure address > 0xb37d617716e46511E56FE07b885fBdD70119f768 pic.twitter.com/rvX5U38nBW > > — ZachXBT (@zachxbt) December 9, 2025 ## A Brazen Bitcoin Theft At The Heart Of The Case Prosecutors say the expanded indictment sheds further light on what they describe as the enterprise’s most audacious crime: the theft of more than 4,100 Bitcoins from a single victim in Washington in August 2024. At the time, the stolen Bitcoin was worth more than US$230 million. > Meet Malone Lam. > > 20 years old. Unemployed. Overstaying his US visa. > > Online aliases: "Anne Hathaway" and "$$$" > > In August 2024, he targeted one man. > > What happened next became the largest crypto theft from a single person in US history. pic.twitter.com/9BJP6xM2OX > > — Genius Business 🇺🇸 (@GeniusBusiness\_) August 18, 2025 With the recent rise in crypto prices, its value now exceeds US$350 million. The indictment alleges that Lam, Zulfiqar and others worked together to carry out the theft and later splurged on the proceeds. According to the Department of Justice, Lam and “his associates spent over US$4 million in stolen virtual currency at Los Angeles nightclubs”. > Meet MALONE LAM, the 20 year old crypto scammer extraordinaire who stole over $274 million worth of crypto and then did what any 20 year old would do! > > Authorities observed him at nightclubs in Los Angeles and Miami, spending between $400,000 and $500,000 per night and… pic.twitter.com/WYEKwRQrsv > > — Team DOI (@DOI\_Ecosystem) February 6, 2025 ## How The Social Engineering Scheme Worked Prosecutors allege that Lam and several co-defendants formed what they call a “Social Engineering Enterprise” in late 2023, built on relationships first formed through online gaming platforms. The group allegedly targeted individuals known to hold large amounts of cryptocurrency. Posing as support staff from Google or major crypto exchanges, they convinced victims to hand over passwords, private keys and seed phrases. > "Hello, this is Google Support." > > The victim's heart raced. Finally, help. > > "We see multiple hack attempts. We need to secure your account NOW." > > Panicked, he gave them his security codes. > > He had no idea he just handed over the keys to $230 million. > > But Lam wasn't done... > > — Genius Business 🇺🇸 (@GeniusBusiness\_) August 18, 2025 With that information, prosecutors say the group accessed victims’ accounts, drained their digital assets, laundered the funds through offshore exchanges and converted them into cash. In total, the enterprise is accused of stealing more than US$265 million in cryptocurrency. Prosecutors say the money funded private jet travel, luxury homes, high-end cars and nightclub spending worth millions of dollars. ## Co-Conspirators Turn State Witnesses Nine of Lam’s alleged co-conspirators have already pleaded guilty, increasing the pressure on the accused ringleader. Among them is Evan Tangeman, a 22-year-old from Newport Beach, California, who admitted to laundering at least US$3.5 million for the group. > Today, 22 Y.O. Californian Evan Tangeman pleaded guilty to laundering bitcoin for a $263 million social engineering scheme💰 > > The syndicate, which grew from a friend group on an online gaming platform, stole 4,100 BTC from Oct 2023 to May 2025 pic.twitter.com/JphlTQJ90q > > — Danny Kunwoong Park (@ParkKunwoong) December 9, 2025 These defendants could be called to testify against Lam if the case proceeds to trial. ## Access To Evidence Remains A Challenge While talks continue, Pierce told the court he is moving ahead with arrangements for a court-approved computer to allow Lam to review what he described as an “unwieldy” volume of evidence gathered by investigators. Lam remains accused of orchestrating a fraud scheme that prosecutors say duped at least seven victims into surrendering control of their cryptocurrency holdings. ## Another High-Profile Crypto Fraud Case In Focus The case unfolds as US courts continue to hand down severe sentences in major crypto scandals. Do Kwon, a South Korean national and co-founder of Singapore-based Terraform Labs, has been sentenced to 15 years in prison by a New York judge. Kwon was convicted of orchestrating what prosecutors described as an “epic” fraud linked to the collapse of the TerraUSD stablecoin and its sister token Luna. > Do Kwon’s Trouble Isn’t Over: 15 Years in the US and 30+ More Possible in Korea > > Do Kwon, co-founder of Terra (LUNA/UST), Sentenced to 15 years in the US for the Terra collapse but South Korea still has charges that could add 30+ more years. > > Decentralization ≠ no… pic.twitter.com/2aN3Y7hRS4 > > — Crypto Patel (@CryptoPatel) December 15, 2025 The implosion wiped out an estimated US$40 billion in investor funds. Kwon admitted to misleading investors about TerraUSD’s stability and was among several prominent crypto figures charged in the US following the market crashes of 2022. ## Related News & Research - [Trump weighs broader cabinet shake-up as Iran war pressure grows](https://longbridge.com/en/news/281681817.md) - [Curling-Sport's new professional league bets big on Olympic buzz](https://longbridge.com/en/news/281684853.md) - [How to interpret the wild swings in the jobs numbers](https://longbridge.com/en/news/281681321.md) - [CICC Remains a Buy on Akeso, Inc. (9926)](https://longbridge.com/en/news/281674709.md) - [Orient Securities Keeps Their Buy Rating on Geely Automobile Holdings (GELYF)](https://longbridge.com/en/news/281674321.md)