US arrests 22-year-old King Greavy over $250m Bitcoin theft

Malone Lam, a 22-year-old man from Singapore who operated online under the alias King Greavy, pleaded guilty in the United States on Tuesday to taking part in a criminal organisation responsible for the theft of around $250 million in crypto. Malone posted photos of his extravagant lifestyle on social media, letting his followers share in his many nights out at clubs in Miami and Los Angeles, where he could be seen cheerfully waving wads of dollar bills.

Bitcoin

The 22-year-old pleaded guilty to stealing $245 million in bitcoin and laundering the proceeds. According to the US Department of Justice, he led an international network that approached victims through scams and made off with their cryptocurrency.

The fraudsters are said to have spent the stolen millions on an extravagant lifestyle. They bought exclusive cars, luxury watches and designer handbags, and rented private jets and villas in Los Angeles, Miami and the Hamptons, among other places. Some members of the group are said to have spent up to $500.000 a night in nightclubs.

Lam, who was also known by aliases such as “Anne Hathaway”, ”$” and “King Greavy”, is said to have identified potential victims and coordinated the activities of his accomplices. According to prosecutors, the group obtained confidential information through scams, and in some cases even carried out home burglaries to gain access to crypto wallets.

According to court documents, the criminal operation ran from October 2023 to at least May 2025. Those involved met through online gaming platforms.

The FBI arrested Lam and an accomplice in September 2024. His conspicuous spending and sudden wealth attracted the attention of investigators.

Lam faces a prison sentence of up to 20 years. A date for the sentencing has not yet been set. His accomplice Evan Tangeman was previously sentenced to 70 months in prison for laundering the proceeds of the fraud.