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Point of Focus
- Malone Lam is expected to plead guilty over the theft of more than 4,100 Bitcoin.
- Prosecutors say the group impersonated Google and Gemini support staff.
- Doing so, he obtained the victim’s access credentials.
Malone Lam, the alleged organizer of a social-engineering scheme that stole more than 4,100 Bitcoin from a Washington, D.C., investor, is expected to plead guilty in one of the largest cryptocurrency theft cases prosecuted in the US.
The 22-year-old Singaporean has a change-of-plea hearing scheduled for Sept 8, 2026.
Prosecutors estimated that Lam’s sentencing guidelines could recommend at least 14 years in prison following a conviction.
Fake support calls exposed investor’s accounts
Prosecutors say Lam worked with Veer Chetal and Jeandiel Serrano to target a wealthy, longtime cryptocurrency investor on Aug. 18, 2024.
One caller posed as a Google representative and warned the victim about attempted account breaches. Another impersonated support staff from crypto exchange Gemini and claimed malware had compromised the investor’s wallet.
Malone Lam is expected to plead guilty tomorrow in connection with the $263 million social engineering heist.
Lam had been scheduled for a “status hearing,” which was later changed to a “change of plea hearing,” indicating he is expected to enter a guilty plea.
He is one of 18… pic.twitter.com/l3yiUPx2ec
— Dark Web Informer (@DarkWebInformer) September 7, 2026
The callers persuaded the investor to provide access to his Google Drive and disclose security codes. Lam then allegedly transferred more than 4,100 Bitcoin, worth over $240 million at the time, from the victim’s holdings.
The group subsequently moved the stolen assets through several exchanges and used money-laundering specialists to convert some of the cryptocurrency into fiat currency, according to prosecutors.
Investigators gained a crucial lead when Serrano allegedly created an exchange account without concealing his IP address. Authorities traced it to an Encino, California, property that he rented for $47,500 per month.
Stolen Bitcoin funded luxury spending
Authorities say Lam and his associates spent the stolen proceeds on private jets, rented mansions, watches and more than 30 luxury vehicles, including customized Ferraris, Lamborghinis and Porsches.
Lam allegedly paid $2 million for one watch and spent more than $569,000 during a single night at a Los Angeles nightclub. Prosecutors said Lam and his friends spent approximately $4 million at nightclubs within one month.
Singaporean Suspect in $240M Bitcoin Theft Set to Plead Guilty After $569K Nightclub Spend
According to AP, 22-year-old Singaporean Malone Lam is set to appear at a plea agreement hearing Tuesday over his alleged role in a 2024 social-engineering scheme that stole more than… pic.twitter.com/qp45sO3Tcl
— Wu Blockchain (@WuBlockchain) September 7, 2026
Chetal allegedly bought his parents a Lamborghini and concealed $500,000 in cash inside their washing machine. The FBI later recovered $37 million in stolen cryptocurrency from his New Jersey apartment.
Agents arrested Lam at a Miami mansion on Sept. 18, 2024. Serrano was detained the same day at Los Angeles International Airport while wearing a watch valued at $500,000.
Case includes 18 defendants
Federal prosecutors have charged 18 people in connection with the operation, making it the first Bitcoin-related case brought under the Racketeer Influenced and Corrupt Organizations Act.
Lam would become the 11th defendant to plead guilty.
I got a phone call last week from someone posing as a Google employee, trying to get me to give them access to my gmail account
Stay villigant everyone https://t.co/cG4Ks2widj
— Marc Colcer (@marccolcer) September 7, 2026
Chetal pleaded guilty to conspiracy charges in November 2024 and awaits sentencing, while Serrano’s case remains pending.
Three co-defendants have already received sentences, including two money launderers handed prison terms of approximately six years each.
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