East Bay Teen Pleads Guilty in $246 Million Crypto Heist

An East Bay teenager, Malik Doost, has pleaded guilty to one count of RICO conspiracy in connection with what prosecutors describe as the largest cryptocurrency heist in American history. The 19-year-old Hayward resident was arrested in May 2025 after voluntarily returning from the United Arab Emirates and is now under home detention with an ankle monitor at his parents' home in Hayward.

Doost faces up to 11 years in prison for his role in the $246 million theft, which involved a crew of at least 12 members who used private jets, luxury travel, and high-end vehicles like Ferraris to launder stolen funds. Court documents reveal that paranoia grew within the group as word of the heist spread among cybercrime circles.

In September 2024, Doost was robbed of $400,000 in crypto during a cash exchange. Members armed themselves and grew wary of their leader, Gabriel Lam, who allegedly dropped his phone into Biscayne Bay after learning federal agents were closing in.

Lam was arrested in Miami in September 2024 but has yet to be convicted. Other crew members were arrested across the country, including Chetal in New Jersey with $37 million in stolen crypto, and Serrano at LAX returning from the Maldives.

While in custody, Lam allegedly continued to direct operations, and crew members destroyed evidence and collected his designer clothing. At least 11 people have pleaded guilty so far.

Doost, who is taking online classes at San Jose State while awaiting sentencing, had his $30,000 bail posted by a car detailer friend from Southern California. The government tracks his every keystroke.