One of the largest cryptocurrency thefts from a single victim did not require breaking Bitcoin’s cryptography. Stolen data, a credible story and the victim’s cooperation were enough to take over $245 million in virtual currency from a single Washington, D.C. resident in August 2024.

On September 8, 2026, Malone Lam, a 22-year-old Singaporean national, pleaded guilty to a racketeering conspiracy charge in the US.

Prosecutors say the enterprise he helped run operated from October 2023 to at least May 2025, hacking and buying databases of cryptocurrency holders, then analysing the data to identify high-value targets. In some cases, members broke into victims’ homes to seize hardware wallets.

Malone Lam, 22, a citizen of Singapore and recent…