Singaporean’s Extravagant Spending After Alleged Bitcoin Theft
Malone Lam, a 20-year-old Singaporean, is facing charges in connection with one of the largest cryptocurrency thefts in U.S. history. Authorities allege that Lam, along with 21-year-old Jeandiel Serrano from the U.S., stole over $230 million worth of Bitcoin.
The investigation revealed a lavish lifestyle fueled by the stolen funds. Lam reportedly spent a staggering $500,000 in a single night at nightclubs. He also acquired over 30 luxury vehicles including a Pagani Huayra, valued at $3.8 million, and several customized Lamborghinis, according to prosecutors.
The arrests took place in September 2024. The charges include conspiracy related to the theft and laundering of the cryptocurrency from a victim in Washington, D.C. At current market values, the 4,100 bitcoins initially stolen are now worth over $450 million.
Lam initially entered the U.S. on a tourist visa in October 2023 and overstayed his permitted 90 days. He was apprehended in Miami after traveling from Los Angeles via private jet. U.S. courts in Florida and California have indicted him and his trial is set to begin on October 6.
The indictment claims that Lam, Serrano, and their accomplices deceived a victim into transferring the bitcoins on August 18, 2024. Authorities allege they utilized sophisticated methods, including cryptocurrency mixers and virtual private networks, to conceal their tracks and launder the funds through multiple exchanges.
Reports from Los Angeles club managers indicate Lam spent between $400,000 and $500,000 per visit. Receipts showed amounts exceeding $569,000 on a single night.
“The evidence shows a pattern of spending that is completely out of line with any legitimate source of income,” a prosecutor stated in court documents.
As law enforcement worked to recover the stolen assets, approximately $70 million has been seized. However, more than $100 million remains unaccounted for. Serrano, who was found in possession of $20 million in stolen Bitcoin, has agreed to return those funds to the FBI, according to CNBC.
If convicted, Lam faces a maximum sentence of 20 years in prison and fines up to $250,000, or double the amount obtained from his illegal activities. The case underscores the challenges of tracking and recovering stolen cryptocurrency in the modern financial landscape.
