Who is Malone Lam? 13 Charged in $263M RICO Conspiracy

Following the apprehension of Malone Lam by authorities last year, when he and his associates defrauded over $263 million in digital currency through tactics like social engineering, wire fraud, and money laundering, the investigations have now uncovered a broader operation involving an additional 12 individuals.

On 15 May 2025, a legal filing disclosed that Lam and at least 12 others participated in a “social engineering enterprise.” Reports indicate that the participants connected through online gaming platforms and collaborated to locate and scam wealthy cryptocurrency holders.

The indictment identifies the 20-year-old Lam and 21-year-old Conor Flansburg as the primary defendants. Lam used various online pseudonyms, such as “SSS,” “King Greavys,” and “Anne Hathaway,” to conduct cryptocurrency thefts. All 13 alleged offenders have been charged under the Racketeer Influenced and Corrupt Organizations (RICO) Act.

The group’s method of operation involved stealing crypto wallets, converting the stolen assets into US dollars, and laundering the profits. In one notable case, Lam and his group pilfered 4100 bitcoins from a single victim in the United States.

Explore: Best Meme Coin ICOs to Invest in May 2025

Syndicate Operated Even with Lam Incapacitated

The FBI apprehended Lam, a key figure in the scheme, in September 2024 while he was in collaboration with Jeandiel Serrano, who is not named in the indictment.

Officials assert that the mastermind (Lam) continued overseeing operations while in custody, allegedly maintaining communication with other members to relay and obtain information.

The remaining accused include Marlon Ferro, Hamza Doost, Kunal Mehta, Ethan Yarally, Cody Demirtas, Aakaash Anand, Evan Tangeman, Joel Cortes, Tucker Desmond, and two members referred to as Fnu Lnu 1 and 2, many of whom have aliases.

The accusations consist of racketeering, conspiracy to perpetrate wire fraud, money laundering, and obstructing justice. On 19 May 2025, Lam appeared in a court in Washington, DC, where he entered a not guilty plea to his charges.

He reportedly declined a plea bargain after conferring with his legal counsel. Should he be found guilty, Lam faces a minimum sentence of 20 years in prison, a potential fine of up to $250,000, or even up to twice the amount acquired from his frauds.

His trial is set to commence in October 2025.

this clout monster from LA “ofye” is one of the biggest scammers, pumpfun ruggers, larpers in history.

heard of malone lam? they were heavily associated. do not pay for “insider calls”, sol for tg invites, or even drop 0.001 sol into anything related to ofye. block him if you… pic.twitter.com/D4wPgq6E1n

— Oxylana (@oxysolana) January 20, 2025

Explore: Top Solana Meme Coins to Buy in 2025

Lam & Co’s Typical Modus Operandi

The criminal organization functioned from October 2023 to March 2025, executing cryptocurrency thefts both in the United States and internationally. Members had designated roles, such as hacking databases, organizing, pinpointing targets, making scam calls, laundering money, and even committing burglary.

Roles of organizers, often undertaken by Lam and Flansburg, involved identifying high-value targets, after which syndicate members, masquerading as price floor staff from a legitimate virtual exchange, would deceive victims into disclosing sensitive information, legitimizing the con by sending fraudulent notifications.

Moreover, the group also turned to burglary if they discovered large crypto holdings on physical devices. On one occasion, a member of their group traveled to New Mexico and broke into a victim’s residence that Lam pinpointed via iCloud.

The group then laundered the stolen crypto asset through offshore exchanges, converted it, and distributed it among other members via cash and wire transfers.

Explore:The 12+ Hottest Crypto Presales to Buy Right Now

Syndicate Masked Their Tracks Through Straw Owners and Shell Corporations

Lam and his associates utilized straw owners and shell companies to obscure their ownership of properties and vehicles. In one instance, Lam sought to visit a $3 million residence, but the realtor dissuaded him, as he had placed the property under another individual’s name to hide his ownership.

Additionally, internal communications between two members showed how the group masked and concealed their luxury car ownership. One member remarked, “Our aim is to erase our tracks in such a way that if anything ever resurfaces, we are shielded and experience no stress.”

What’s particularly shocking is that the group also received insider alerts from off-duty law enforcement officers. In September 2024, an officer warned a currency exchanger that federal agencies were probing the organization. That same month, Lam allegedly acquired details about the investigation and discarded his phone into Biscayne Bay upon learning of his imminent arrest.

Explore: 20+ Next Crypto to Explode in 2025

Group Spent Over $500,000 a Night at Nightclubs

Lam and his crew led a luxurious lifestyle, leasing upscale homes in Los Angeles, the Hamptons, and Miami. They chartered private jets and employed personal protection. They spent over $500,000 each night at nightclubs, presented branded handbags at gatherings, and donned high-end apparel and timepieces.

The group even acquired firearms to defend themselves against rival cybercrime factions. Authorities are currently preparing to confiscate 28 high-end vehicles, including Lamborghinis, Porsches, Rolls-Royces, and Ferraris, valued between $100,000 and $3.8 million. Furthermore, the forfeiture list comprises over 90 luxury items, including Louis Vuitton pillows and designer footwear.

Documents from the court also indicated that embezzled funds were utilized to finance Lam’s legal defense.

Explore: 9+ Best High-Risk, High-Reward Crypto to Buy in May 2025

The post Who is Malone Lam? 13 Indicted in $263M RICO Conspiracy appeared first on 99Bitcoins.