Malone Lam to appear in court over alleged $230M Bitcoin theft

Malone Lam, a 22-year-old Singaporean national, is scheduled to appear in a Washington, D.C. federal court for a plea agreement hearing regarding the alleged theft of over 4,100 Bitcoin, valued at more than $230 million at the time of the August 2024 incident. Federal prosecutors have charged Lam and 17 co-defendants under the Racketeer Influenced and Corrupt Organizations (RICO) Act, marking the first time RICO charges have been applied in a Bitcoin-related criminal enterprise. According to court filings, the enterprise operated between October 2023 and March 2025, orchestrating total thefts exceeding $263 million through social engineering scams by posing as representatives from Google and Gemini. Federal authorities have recovered approximately $70 million, leaving roughly $193 million unaccounted for. Nine co-defendants have already entered guilty pleas, with sentences ranging from 70 to 78 months, highlighting growing judicial rigor in prosecuting digital asset crimes.