A U.S. court has scheduled the trial of Malone Lam, a 20-year-old Singaporean charged with orchestrating one of America’s biggest-ever cryptocurrency heists. Lam, who is accused of stealing more than $230 million in Bitcoin, will be tried in Washington, DC, on October 6. Based on current market prices, the 4,100 Bitcoins that he stole are worth more than $450 million. Lam can be sentenced to 20 years in prison if convicted.
Luxurious Champagne, Ferraris, and Gifts
Prior to his September 2024 arrest, Lam had spent his ill-gotten wealth extravagantly. Prosecutors allege that he spent as much as $500,000 each night at clubs in Los Angeles and Miami, withcurring lavish charges such as $72,000 for 48 bottles of champagne and $38,500 for 55 bottles of Grey Goose vodka. One of his invoices reportedly totaled $569,528.39.
His extravagant lifestyle didn’t stop at clubbing. Lam is said to have bought more than 30 luxury cars, including bespoke Lamborghinis, Ferraris, and Porsches. These included a Pagani Huayra worth $3.8 million and a Lamborghini Revuelto that cost more than $1 million. When arrested, his co-accused, 21-year-old Jeandiel Serrano, was sporting a $500,000 watch, while Lam himself had in his possession a $2 million timepiece.
Lam’s social media behavior exposed him to giving Hermès Birkin handbags valued more than $20,000 each to models and influencers at social gatherings. His excessive spending not only caught the eyes of law enforcement authorities but also earned him the attention of criminals. Lam’s parents were reportedly kidnapped in August 2024 in a case related to his new wealth.
The indictment charges Lam and Serrano with posing as Google technical support staff to trick a wealthy American cryptocurrency investor. They employed social engineering methods to obtain the victim’s accounts, transferring the 4,100 Bitcoin to their own wallets. To cover up stolen funds, they employed advanced methods of money laundering, such as crypto mixers, peel chains, and VPNs.
