Malone Lam & the Crypto RICO Ring
Legal name: Malone Lam
Lambos, nightclubs, and a federal racketeering indictment
Case facts
- Region
- United States (Miami / Los Angeles)
- Estimated loss
- $230M+ from a single Washington, DC victim alone
- Victims
- Multiple high-net-worth crypto holders
- Filed
- Jun 6, 2026
Last reviewed .
Federal prosecutors charged Malone Lam and a dozen co-conspirators with running a RICO enterprise that drained crypto wallets via social-engineering and laundered proceeds through luxury cars, watches, and nightclubs in Miami and Los Angeles.
The crew
A federal RICO indictment names a tight crew that allegedly socially-engineered crypto holders, drained wallets via fake "support" calls and SIM swaps, then laundered the proceeds through Miami and LA nightlife:
- Malone Lam — aliases "King Greavys", "$$$", "Anne Hathaway" (Miami / LA)
- Marlon Ferro — aliases "Marlo", "GothFerrari" (Santa Ana, CA)
- Hamza Doost — alias "Scyllia" (Hayward, CA)
- Conor Flansburg — aliases "OO", "@d0uu0b", "Green Room" (Newport Beach, CA)
- Kunal Mehta — aliases "Papa", "Neil" (Irvine, CA)
- Ethan Yarally — aliases "Rand", "15%" (Richmond Hill, NY)
- Cody Demirtas — aliases "KO", "Kody" (Stuart, FL)
- Aakash Anand — aliases "Light", "Dark" (CA)
- Evan Tangeman — aliases "E", "Tate", "Exchanger" (Newport Beach, CA)
- Joel Cortes — alias "J" (Laguna Niguel, CA)
- John T. Desmond — charged with obstruction (Huntington Beach, CA)
The playbook
1. Identify a high-net-worth crypto holder from leaked customer-support data. 2. Spoof a call from the victim's exchange "fraud team." 3. Walk the victim through resetting 2FA and authorizing a "secure" wallet transfer. 4. Move the proceeds through mixers and instant-swap services. 5. Spend conspicuously: Lamborghinis, Patek Philippes, $500K bar tabs, private jets.
Seizures
The FBI seized roughly $3 million in luxury vehicles (Lamborghini, Tesla, Mercedes-Benz and others) within weeks of arrest, plus jewelry and cash. The conspicuous spending is what cracked the case — wire transfers to exotic-car dealers gave investigators a clean paper trail back to the laundering wallets.
Lessons for crypto holders
- No legitimate exchange will ever call you to "secure" your wallet
- Hardware wallets defeat 90% of this playbook — keys never touch a phone
- Treat any inbound "support" call as hostile until you call back on the number printed on the exchange's website
Primary evidence
- DOJ — DC indictment of Malone Lam et al.
- FBI affidavit detailing ~$3M in seized luxury vehicles
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