SINGAPORE: In one of the largest cryptocurrency thefts in U.S. history, Singaporean Malone Lam has been arrested and charged with conspiracy to steal and launder over US$230 million (S$306 million) worth of Bitcoin.
According to the latest Straits Times report, Lam, 20, and his co-accused, American Jeandiel Serrano, 21, are at the centre of a brazen heist that saw over 4,100 stolen Bitcoin (worth more than US$450 million at current rates) siphoned from a victim in Washington, D.C. The theft, which occurred in August 2024, involved using sophisticated tactics to obscure the identity of the criminals, including mixers, virtual private networks, and “peel chains” to move illicit funds.
In the brief period between executing the crime and their subsequent arrest in September 2024, Lam and Serrano indulged in a spree of extravagant spending, leaving a trail of luxury cars, expensive watches, and lavish nightclub benders. Club managers in Los Angeles reported that Lam was known to spend up to US$500,000 a night at exclusive venues.
A receipt from one night out showed an eye-popping US$569,528.39 bill, which included tens of thousands of dollars for high-end vodka, champagne, and Red Bull. Their excessive spending continued with over 30 luxury cars, including a multi-million-dollar Pagani Huayra, multiple customized Lamborghinis, and rare watches. Lam even purchased a US$2 million watch and a Lamborghini Revuelto worth over US$1 million.
Lam’s notorious high-living did not go unnoticed by law enforcement or the public. The pair’s reckless lifestyle also made them a target for criminals. In August 2024, Lam’s parents became the victims of a botched kidnapping attempt linked to their son’s newfound wealth. The incident ended in a crash, with all involved suspects later arrested.
Crypto heist and its lavish aftermath: Authorities still scrambling to recover stolen funds
Lam’s arrest, which took place in Miami in September 2024, was the culmination of a multi-month investigation. Lam, who arrived in the U.S. on a tourist visa in October 2023, overstayed his welcome and flew across the country on a private jet before authorities apprehended him.
The indictment revealed that Lam and Serrano’s criminal enterprise began on Aug 18, 2024, when they targeted a Washington victim and used fraudulent methods to steal the massive Bitcoin haul. After the theft, they laundered the funds through various international exchanges, funnelling them into their lavish lifestyles.
Despite the authorities’ efforts, many of the stolen luxury cars and assets, including the prized Pagani Huayra, remain unaccounted for. Authorities have managed to recover around US$70 million worth of the stolen cryptocurrency, but much more remains out of reach, with over US$100 million still untraced. Lam’s 31 luxury cars, 22 of which are still missing, serve as a reminder of just how far he and his accomplices went to enjoy the spoils of their crime.
If convicted, Lam faces up to 20 years in prison and hefty fines, with a potential penalty of up to US$250,000 or twice the amount of his profits from the heist. The stolen cryptocurrency, which authorities are working hard to trace, remains one of the largest crypto thefts in history, highlighting the growing intersection between digital crime and lavish spending.