After authorities apprehended Malone Lam last year for orchestrating the theft of over $263 million in cryptocurrency via social engineering and wire fraud, further investigations have unveiled a broader conspiracy involving at least 12 other individuals. A court document dated May 15, 2025, disclosed that Lam was implicated along with 12 others in a social engineering enterprise that targeted high-value cryptocurrency holders through online gaming platforms.
Main Accused
The indictment identifies 20-year-old Malone Lam and 21-year-old Conor Flansburg as the primary defendants. Lam, known for using multiple online aliases like “SSS” and “King Greavys”, led crypto heists, with all 13 suspects charged under the Racketeer Influenced and Corrupt Organizations (RICO) Act.
Operational Method
The group’s methods involved stealing cryptocurrencies, converting the funds to US dollars, and laundering the earnings. For example, they managed to take 4100 bitcoins from a single victim.
Continued Operations from Jail
The FBI arrested Lam in September 2024 while he was collaborating with Jeandiel Serrano, not named in the indictment. Reports suggest that Lam maintained control from prison, communicating with other members.
Other suspects in the case include Marlon Ferro, Hamza Doost, Kunal Mehta, and various others, all facing serious charges including racketeering and money laundering. Lam plead not guilty at his court appearance on May 19, 2025, rejecting a plea deal that could have lessened his sentence. If convicted, he may face a minimum of 20 years imprisonment and significant fines.
“This clout monster from LA ‘ofye’ is one of the most notorious scammers in history…don’t pay for insider calls related to it.” — Oxylana (<link>)
Lifestyle of Luxuries
Lam and his accomplices reportedly led a lavish lifestyle, spending over $500,000 a night at nightclubs. Authorities are reviewing assets for seizure, including luxury cars and designer goods. Lam’s trial is set for October 2025, with significant implications awaiting if convicted.
