A 22-year-old from Singapore has been charged with aiding the theft of over $240 million in Bitcoin from a single victim. The individual is accused of using the proceeds for lavish expenses, including luxury cars, private jets, and expensive nights out.
Malone Lam, who dropped out of school in eighth grade, is identified by prosecutors as a main figure in the extensive cryptocurrency scheme. He is set to attend a plea agreement hearing on Tuesday in federal court in Washington, D.C.
Lam and his alleged partners are part of a group of young men who reportedly used a sophisticated “social engineering” attack in August 2024. They tricked a wealthy investor into giving them access to his digital assets.
A court filing in the case includes a photo of Malone Lam. (AP Photo/Jon Elswick)
According to the allegations, the scammers contacted the victim under the guise of being representatives of Google and the Gemini cryptocurrency exchange. They warned him that his accounts were compromised. The victim was manipulated into providing access to his Google Drive and security codes, allowing Lam and his associates to remove more than 4,100 Bitcoin, valued at over $240 million at the time.
The stolen cryptocurrency was reportedly moved through various exchange platforms. Specialists in money laundering allegedly converted parts into cash.
Prosecutors claim Lam and others went on an extravagant spending spree. They allegedly spent $4 million in Los Angeles nightclubs in a month, with Lam spending over $569,000 in one night. He allegedly purchased a $2 million watch and over 30 vehicles, including custom Porsches, Lamborghinis, and Ferraris. The group also rented multimillion-dollar homes, hired private security, and traveled by private jets.
The extravagant lifestyle drew attention as investigations tightened. One co-conspirator, Jeandiel Serrano, failed to hide his IP address when creating an account on a cryptocurrency exchange. This account held nearly $30 million in stolen funds. Investigators traced the IP address to a rented Encino, California home costing $47,500 per month.
A court filing in the case includes a photo of Malone Lam. (AP Photo/Jon Elswick)
Serrano and Lam were arrested separately on September 18, 2024. Serrano was taken into custody at Los Angeles International Airport, wearing a watch valued at approximately $500,000. Lam’s arrest occurred the same day at a Miami mansion.
Eighteen individuals have been charged, with ten already pleading guilty. If convicted, Lam’s sentence could be at least 14 years, according to federal sentencing guidelines.