**US Plea Deal Talks Continue for Malone Lam, Accused Leader of Crypto Theft Ring**
The high-stakes case against Malone Lam, a 20-year-old Singaporean accused of leading a notorious crypto theft ring, remains shrouded in mystery as plea deal negotiations continue between his lawyers and the US government.
At a status hearing in Washington, D.C. federal court on Wednesday (Dec 17), Lam's lawyer, John Patrick Pierce, confirmed that discussions with the prosecution are ongoing, but provided no details about the new offer for a plea deal presented by the government last month.
Pierce stated that both parties have agreed to reconvene on January 12, 2026 at 9:30am (10:30pm Singapore time) to update the court on the status of plea deal negotiations. In the meantime, Pierce announced that he would move forward with procuring a court-approved computer for Lam to review the "unwieldy" amount of evidence in the case.
The case against Lam has been unfolding since September 19, when he was charged along with two others for conspiring to steal and launder $230 million in cryptocurrency. Since then, three additional defendants have been added to the list, bringing the total to 17 individuals charged with RICO conspiracy for their roles in the operation.
The Department of Justice alleges that Lam and his associates used database hacking and crypto laundering techniques to carry out their crimes. One particularly brazen heist involved stealing over 4,100 Bitcoins from a single victim in Washington in August 2024, valued at more than $230 million at the time.
According to prosecutors, Lam and his co-conspirators formed a "Social Engineering Enterprise" that targeted individuals with vast amounts of cryptocurrency by posing as support agents at Google or crypto exchanges. Using this information, they allegedly accessed their victims' accounts, stole their virtual currencies, laundered them in offshore exchanges, and then converted them into hard cash.
The prosecution claims that the enterprise stole over $265 million worth of cryptocurrency and spent lavish amounts on private jet rentals, luxury homes, exotic cars, and nightclub services totaling more than $4 million. Nine of Lam's co-conspirators have already pleaded guilty in the case, including most recently Evan Tangeman, 22, of Newport Beach, California, who admitted to laundering at least $3.5 million for the group.
These co-conspirators could potentially testify against Lam if his case goes to trial, adding a significant layer of complexity to an already intricate web of allegations and counter-accusations.
The outcome of these ongoing plea deal negotiations remains uncertain, but one thing is clear: the US government's pursuit of justice in this high-profile crypto theft case will continue to captivate attention worldwide as it unfolds.