Today in crypto, Singaporean national Malone Lam pleaded guilty to participating in a RICO conspiracy that stole and laundered more than $245 million in crypto. Visa connected its settlement data with onchain lending as stablecoin card volumes surged, while Strategy skipped its weekly Bitcoin purchase to repurchase $176 million of STRC preferred shares.
Cybercrime ringleader Malone Lam pleads guilty in $245M crypto theft conspiracy
Singaporean national Malone Lam pleaded guilty to participating in a racketeering conspiracy that US prosecutors say used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency.
On Tuesday, the US Justice Department said that Lam organized the international operation, identified prospective victims and coordinated other conspirators. The enterprise was formed through connections on online gaming platforms and operated from no later than October 2023 through at least May 2025, according to court documents.
The plea establishes criminal responsibility nearly two years after Lam was charged over the theft of more than 4,100 Bitcoin, worth over $230 at the time, from a Washington, DC resident.
Lam pleaded guilty before US District Judge Colleen Kollar-Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. The judge scheduled a status hearing for Dec. 8, but the Justice Department did not announce a sentencing date.
Visa brings onchain lending into stablecoin card settlement
Visa is linking its settlement data with onchain lending infrastructure, opening a new source of working capital for businesses behind its growing stablecoin-linked card programs.
The payments giant said Tuesday that lenders will be able to combine VisaNet settlement records with onchain transaction data to evaluate borrowers and finance payment obligations. The model could give card issuers and other payment companies access to blockchain-based credit without relying solely on traditional financing channels.
Visa pointed to Credit Coop as an early example. The blockchain credit protocol has financed more than $2.5 billion in cumulative settlement volume since 2023 across more than 3,000 borrowing events and 9,000 repayments.
The rollout comes as stablecoins become a larger part of Visa’s payments business. The network now supports more than 160 stablecoin-linked card programs, with payment volume up nearly 200% from a year ago. Stablecoin settlement volume has also exceeded a $20 billion annualized run rate, more than 15 times its level a year earlier.
Visa has been expanding across the stablecoin ecosystem, including settlement, cards and infrastructure, as adjusted stablecoin transaction volume reached a record $1.79 trillion in June.
Strategy skips Bitcoin buy to repurchase $176M of STRC preferred shares
Michael Saylor’s Strategy, the largest corporate Bitcoin treasury, skipped its weekly Bitcoin acquisition to repurchase $176 million of its preferred STRC stock.
Strategy repurchased 1.8 million STRC shares for an aggregate $176.3 million between Aug. 31 and Sept. 7, according to a Tuesday filing with the US Securities and Exchange Commission.
The company also doubled the size of its Digital Credit Securities Repurchase Program to $2 billion. With no new purchases, Strategy’s holdings sit at 845,050 Bitcoin (BTC), acquired for a total of $63.6 billion, at an average purchase price of $75,412 apiece.
Last week, Strategy made its first BTC buy since mid June, with a $370 million purchase.
While STRC’s share price was largely flat in premarket activity on Tuesday, trading at $97.70, or a 2.3% discount from its intended $100 par value, the company’s Nasdaq-traded MSTR common stock was down more than 3% at last look, according to Yahoo Finance.
STRC is one of Strategy’s main vehicles to fund its Bitcoin accumulation. Trading below par limits Strategy’s ability to raise funds through STRC sales and may force the company to further increase its dividend rate.
Strategy unveiled a capital framework on June 29 to allow Bitcoin sales to fund dividends and increased the annual dividend rate on its STRC preferred stock to 12%.
