Singapore Man, Accused Of $230 Million Bitcoin Theft, Splurged on Luxury Bags, Night Clubs And Supercars
Malone Lam and his alleged accomplice, American Jeandiel Serrano, 21, were arrested in September 2024.
Money flowed like water, and luxury was just another Tuesday night. For Singaporean Malone Lam, life was all about extravagance, until it all came crashing down. Arrested and charged in connection with one of the largest crypto heists in US history, the 20-year-old allegedly burned through up to US$500,000 a night in clubs, tossing around designer handbags like party favours for models and influencers. According to the US Department of Justice (DOJ), Lam and his alleged accomplice, American Jeandiel Serrano, 21, were arrested in September 2024. The duo has been accused of orchestrating a massive theft – stealing and laundering over US$230 million in cryptocurrency from a victim in Washington, DC.
In today’s market, that 4,100 stolen Bitcoin haul is worth over US$450 million.
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Last week, Lam appeared in a Washington courtroom, dressed in a green prison jumpsuit, as his trial date was officially set for October 6.
The window between the theft and their arrests was short but Lam and Serrano certainly made the most of it. Investigators found that the young Singaporean spent mind-boggling sums in nightclubs across Los Angeles. Managers at these clubs confirmed to the US authorities that Lam regularly shelled out between US$400,000 and US$500,000 in a single night. One receipt? A jaw-dropping US$569,528.39 was spent in just one evening. The bill included 55 bottles of Grey Goose vodka for US$38,500, 48 bottles of Ace of Spades Brut champagne for US$72,000 and even US$300 for five buckets of Red Bull, informs Business Times.
His shopping list didn’t end at club tabs. There were high-end watches and over 30 luxury cars including Ferraris, Porsches and Lamborghinis, some of them custom-built for millions. Prosecutors noted that at the time of his arrest, Serrano had a US$500,000 watch on his wrist, while Lam himself splashed out on a US$2 million watch and a Lamborghini Revuelto worth over US$1 million.
The indictment details how, on August 18, 2024, Lam, Serrano and their co-conspirators tricked a Washington victim into transferring more than 4,100 Bitcoin. The stolen funds were then shuffled through multiple accounts using ‘peel chains,’ pass-through wallets and virtual private networks – all in an effort to obscure their identities. Prosecutors allege that the duo converted their illicit crypto into high-end travel, luxury cars, jewellery, designer handbags and rental properties in Los Angeles and Miami, reports Business Times
“Lam admitted to purchasing 31 luxury automobiles, 22 of which have yet to be recovered by law enforcement. Many of Lam’s vehicles have not been located as yet, such as his Pagani Huayra that he purchased for US$3,800,000," prosecutors stated.
As of October last year, authorities had managed to recover about US$70 million from various exchanges. However, a staggering US$100 million remains unaccounted for, according to court documents cited by CNBC.
Serrano was found with roughly US$20 million in stolen Bitcoin stored on his phone. He agreed to transfer the funds back to the Federal Bureau of Investigation.
If convicted of stealing the 4,100 Bitcoins, Lam faces a maximum prison sentence of 20 years, along with a fine of up to US$250,000 or double the amount he gained from the crime.
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