Malone Lam, a 20-year-old Singaporean, faces charges in one of the largest cryptocurrency heists in US history. Authorities allege he spent stolen funds on luxury cars, watches, and nightclub outings.
Lam and American Jeandiel Serrano, 21, were arrested in September 2024. They were charged with conspiracy to steal and launder over US$230 million (S$306 million) in cryptocurrency from a victim in Washington, DC. The 4,100 stolen Bitcoin are now worth more than US$450 million (S$598 million).
Lam appeared in court last week wearing a green prison jumpsuit. His trial date is set for October 6.
According to the indictment, on August 18, 2024, Lam, Serrano, and their conspirators contacted a victim in Washington and fraudulently obtained more than 4,100 Bitcoin. The pair allegedly moved the funds through various mixers and exchanges using “peel chains,” pass-through wallets, and virtual private networks to hide their identities.
Between the theft and their arrest, Lam and Serrano spent heavily. Nightclub management in Los Angeles told investigators that Lam spent approximately US$400,000-US$500,000 (S$532,000-S$665,000) per night at their venues. One receipt showed Lam spent US$569,528.39 (S$757,472) in a single night, including US$38,500 (S$51,205) for 55 bottles of vodka and US$72,000 (S$95,760) for 48 bottles of champagne.
Prosecutors reported Lam “admitted to purchasing 31 luxury automobiles, 22 of which have yet to be recovered.” The unrecovered vehicles include a US$3.8 million (S$5.05 million) Pagani Huayra. Lam also bought a US$2 million (S$2.66 million) watch and a Lamborghini Revuelto for over US$1 million (S$1.33 million).
Social media videos showed Lam giving Hermes Birkin bags to models and influencers in nightclubs.
The pair’s spending attracted kidnappers who targeted Lam’s parents. A CNBC report linked an August 2024 attempted kidnapping to Lam, involving a couple in a Lamborghini allegedly rented by their son. The kidnapping failed when the escape van crashed.
Lam entered the US in October 2023 on a 90-day tourist visa. After overstaying, he flew by private jet from Los Angeles to Miami, where he was arrested.
Authorities have recovered or frozen about US$70 million (S$93.1 million). Court filings indicate that “well over US$100 million (S$133 million) remains unaccounted for.”
Serrano had approximately US$20 million (S$26.6 million) of the stolen Bitcoin on his phone and agreed to transfer these funds to the FBI.
If convicted, Lam faces up to 20 years in prison and a fine of up to US$250,000 (S$332,500), or twice the amount of his gains.
