UNITED STATES: The highly anticipated trial of Singaporean Malone Lam, accused of orchestrating a large-scale cryptocurrency heist worth hundreds of millions of dollars, was postponed at the last minute in the United States on 6 October 2025.
According to a statement to Singapore state media CNA from the prosecutor’s office, the trial was delayed because the case was “superseded with 11 more defendants and an additional RICO conspiracy count.”
A spokesperson said, “We have a status conference at the end of October and we anticipate a trial date being set at that hearing.”
Lam faces multiple serious charges including wire fraud, money laundering, and racketeering under the RICO Act — a statute originally designed to dismantle organised crime groups such as the Mafia.
Prosecutors allege that Lam and 12 associates formed what they called a “Social Engineering Enterprise” in late 2023.
The group reportedly emerged from friendships built through online gaming platforms.
According to court filings, the enterprise allegedly devised a sophisticated scheme to steal more than US$260 million in cryptocurrency.
The group identified targets who owned substantial crypto holdings and then launched coordinated phishing and impersonation attacks.
The victims were reportedly sent push notifications and contacted by phone by individuals posing as support staff from Google or well-known cryptocurrency exchanges.
Once contact was made, victims were deceived into divulging sensitive information such as passwords, private keys, and seed phrases.
Using these credentials, Lam and his associates allegedly accessed the victims’ digital wallets, siphoned off their virtual currencies, laundered them through offshore exchanges, and converted the proceeds into cash.
Among the alleged victims was an individual based in Washington DC, from whom Lam reportedly stole 4,100 Bitcoins, valued at approximately US$245 million at the time.
Prosecutors claim that the stolen funds were used to finance a lavish lifestyle.
Lam is alleged to have purchased a fleet of luxury vehicles priced between US$100,000 and US$3.8 million, alongside high-end jewellery, designer handbags, and couture clothing.
Court documents also allege that as much as US$500,000 was spent in a single night at exclusive nightclubs.
To conceal ownership, properties and vehicles were allegedly registered under the names of third parties.
In an unusual twist, prosecutors stated that some cash proceeds were allegedly concealed inside plush toys, including one “squishmallow” stuffed with US$50,000.
The RICO conspiracy charge — the most severe among those filed — carries a maximum sentence of life imprisonment.
Each count of wire fraud and money laundering carries penalties of up to 20 years’ imprisonment.
The case, which has attracted international attention for its scale and audacity, is expected to resume following the status conference at the end of October 2025, when a new trial date is likely to be confirmed.
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