The Singaporean Man Who Stole Over $230 Million in Cryptocurrency to Stand Trial on October 6

BlockBeats News, March 10th, according to The Straits Times, Singaporean man Malone Lam has been arrested and charged for his involvement in one of the largest cryptocurrency theft cases in the United States. He was seen splurging up to $500,000 (665,000 SGD) each night at clubs and was observed gifting Hermès Birkin bags to models and influencers during his lavish outings.

The U.S. Department of Justice (DOJ) stated that the 20-year-old suspect, along with co-defendant 21-year-old American Jeandiel Serrano, was arrested in September 2024 for "conspiring to steal and launder over $230 million (306 million SGD) worth of cryptocurrency from a victim in Washington, D.C." At today's prices, the stolen 4,100 bitcoins are worth over $450 million.

During the latest court hearing last week, Lam appeared in a Washington court wearing a green prison uniform, with his trial date set for October 6th.

The U.S. DOJ stated that they allegedly used the laundered cryptocurrency proceeds for international travel, nightclubs, luxury cars, watches, jewelry, designer handbags, as well as renting homes in Los Angeles and Miami.

Prosecutors said, "Lam admitted to purchasing 31 luxury vehicles, 22 of which have not been recovered by law enforcement agencies." They added, "Many of Lam's vehicles remain missing to this day, such as the Pagani Huayra he bought for $3.8 million."

If convicted, Lam faces up to 20 years in prison, a maximum $250,000 fine, or twice the fraud proceeds.