A Singaporean man is set to stand trial in October on charges of orchestrating a massive cryptocurrency heist, with prosecutors detailing his extravagant spending sprees following the alleged theft.
Malone Lam, 20, is accused of stealing over $230 million worth of Bitcoin. A US court has scheduled his trial for October 6 in Washington, DC, according to reports from Channel News Asia. If convicted, Lam could face up to 20 years in prison.
At current market prices, the 4,100 Bitcoins allegedly stolen by Lam are now valued at over $450 million.
Lavish Spending
Before his arrest in September 2024, Lam reportedly spent his ill-gotten gains at a rapid rate. Investigators have documented nightly expenditures of up to $500,000 at nightclubs in Los Angeles and Miami. Receipts show extravagant purchases such as $72,000 on 48 bottles of champagne and $38,500 on 55 bottles of Grey Goose vodka. One bill reportedly totaled nearly $570,000, as reported by Business Times Singapore.
But the purchases extended beyond the nightlife scene. Lam is believed to have acquired a fleet of over 30 luxury cars, including custom-made Lamborghinis, Ferraris, and Porsches. Among the most expensive were a Pagani Huayra, purchased for $3.8 million, and a Lamborghini Revuelto, costing over $1 million. When arrested, Lam was allegedly in possession of a $2 million watch. His co-defendant, 21-year-old Jeandiel Serrano, was wearing a watch valued at $500,000, according to prosecutors.
Gifts for Influencers
Social media posts made before his arrest showed Lam gifting Hermès Birkin bags – which can cost over $20,000 each – to models and influencers at clubs. This high-profile spending drew the attention of both authorities and criminals; his parents were reportedly kidnapped in August 2024 in an incident linked to his wealth.
The indictment alleges that Lam and Serrano posed as Google support agents to deceive their victim, a high-net-worth cryptocurrency investor in the United States. The two are accused of using social engineering techniques to gain access to the victim’s accounts, ultimately transferring 4,100 bitcoins to their own wallets. They then allegedly employed sophisticated laundering techniques, including crypto mixers and VPNs, to conceal the funds’ origins.
