Minecraft-linked crypto kingpin faces 20 years in prison over $245 million heist

There are some weird and wonderful crime stories from the world of gaming, with Pokémon card heists, FBI hunts for leakers exposing the next Grand Theft Auto before its official release, and retro gamers reporting that decades' worth of collections have been burgled from their homes.

While many think of Minecraft as a simple blocky builder where our imaginations are our only limitation, it turns out Mojang Studios' game is a hotbed of crime for some.

Apparently, a 22-year-old Singaporean and Miami resident has been using Minecraft as more than a place to meet friends, forming a cybercrime gang from within, then using it to pull off a $245 million heist.

Who is Minecraft-linked crypto kingpin Malone Lam?

According to The Register, Malone Lam was the ringleader of a gang that attempted to rob wealthy individuals of their cryptocurrency between October 2023 and May 2025. It's said he first visited the USA to visit Jeandiel Serrano and Veer Chetal in 2023, with the pair being highlighted as two of the group's earliest members.

Lam's role grew to an important one as he tracked down high-net-worth crypto holders through scams and helped alleviate them of their hard-earned dollars via advanced methods of social engineering.

This triggered account access alerts on target devices, tricking victims into thinking they were under attack.

Of course, this was just part of how he'd rob their digital vaults, with Lam then taking their spoils and helping launder the money.

Court documents reveal that other members are accused of carrying out social engineering calls while claiming to work for Google, Yahoo, Coinbase, and a crypto exchange called Gemini.

Although this social engineering was enough for most of the heists to remain virtual, one case involved a man known as Marlo Ferro physically breaking into a victim's house to steal their hardware wallet.

The outlet previously covered how Ferro was sentenced to 6.5 years in jail. Ferro was lower down the pecking order, having been brought into Lam's Minecraft gang when he was just a teenager.

In total, the two-year operation is said to have robbed targets of anywhere between $800,000 and tens of millions.

Court documents also mention one victim who supposedly lost more than $245 million.

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What sentence does Minecraft-linked crypto kingpin Malone Lam face?

With the accusations being so severe and so much money on the line, Lam faces a serious prison sentence.

His crew supposedly comprised 12 members, who often splurged their ill-gotten gains on a lavish evening at a nightclub that cost up to $500,000. In addition to giving out luxury handbags and watches priced between $100,000 and $500,000, the group is said to have rented expensive properties in Miami, Los Angeles, and the Hamptons.

It escalated to chartering private jets, having private security, and racing around in exotic cars worth up to $3.8 million.

Ultimately, Lam was arrested at a rented property in Miami on September 18, 2024.

A sentencing hearing hasn't been scheduled, although a status hearing has been set for December 8 after Lam pleaded guilty to one count of participating in a racketeering conspiracy. This carries a maximum sentence of 20 years in prison, with US Attorney Jeanine Ferris Pirro explaining: "If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable.

"This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency.

Working with partners at the FBI and IRS-CI, Pirro vows to keep hunting down those who "weaponize technology to steal from innocent people."