20-Year-Old Singaporean Charged in US$450 Million Bitcoin Heist, Spent US$569,528 in Single Night at LA Club

By
Ong Yee Sage
-

A 20-year-old Singaporean has been charged in one of the largest cryptocurrency heists in US history, with authorities alleging extravagant spending on luxury cars, high-end watches, and lavish nightclub outings following the theft.

Bitcoin Theft and Arrest of Singaporean and American Co-conspirator

Malone Lam, a Singaporean national, and American Jeandiel Serrano, 21, were arrested in September 2024 and charged with conspiracy to steal and launder over US$230 million (S$306 million) in cryptocurrency from a victim in Washington, DC. The 4,100 stolen Bitcoin are now valued at more than US$450 million (S$598 million) at current market prices.

Lam appeared in a Washington court last week wearing a green prison jumpsuit, where his trial date was set for 6 October.

The indictment states that on 18 August 2024, Lam, Serrano, and their conspirators contacted a victim in Washington and fraudulently obtained more than 4,100 Bitcoin through their communications. The pair allegedly moved the funds through various mixers and exchanges using “peel chains,” pass-through wallets, and virtual private networks to hide their identities.

Extravagant Spending on Nightclubs, Luxury Cars, and Designer Gifts

In the brief period between the theft and their arrest, Lam and Serrano engaged in conspicuous high spending with their alleged stolen funds.

Management at Los Angeles nightclubs told US investigators that Lam “was spending approximately US$400,000-US$500,000 (S$532,000-S$665,000) per night” at their venues. One receipt from an LA club showed Lam reportedly spent US$569,528.39 (S$757,472) in a single night. This bill included US$38,500 (S$51,205) for 55 bottles of Grey Goose vodka, US$72,000 (S$95,760) for 48 bottles of Ace of Spade Brut champagne, and US$300 (S$399) for five buckets of Red Bull.

Prosecutors reported that Lam “admitted to purchasing 31 luxury automobiles, 22 of which have yet to be recovered by law enforcement.” Among these vehicles was a Pagani Huayra purchased for US$3.8 million (S$5.05 million) that remains unlocated. Lam, who used the online handles “Anne Hathaway” and “$$$,” also bought a watch for US$2 million (S$2.66 million) and a Lamborghini Revuelto for more than US$1 million (S$1.33 million).

Social media videos that went viral showed Lam in nightclubs giving Hermes Birkin bags to models and influencers. Some recipients posted about these gifts on their social media accounts.

The pair’s extravagant lifestyle attracted not only authorities but also kidnappers who targeted Lam’s parents. A CNBC report linked an August 2024 attempted kidnapping to Lam, involving a couple in a Lamborghini allegedly rented by their son. The kidnapping failed when the escape van crashed and the attackers fled on foot. All six people involved were later arrested.

Lam entered the US in October 2023 on a 90-day tourist visa. After overstaying, he flew by private jet from Los Angeles to Miami, where he was arrested and indicted in the US District Court for the Southern District of Florida and the Central District of California.

As of October 2024, authorities have recovered or frozen about US$70 million (S$93.1 million) on various exchanges. Court filings cited by CNBC indicate that “well over US$100 million (S$133 million) remains unaccounted for,” even after considering the millions spent on automobiles and jewelry.

Serrano had approximately US$20 million (S$26.6 million) of the victim’s stolen Bitcoin on his phone and agreed to transfer these funds back to the Federal Bureau of Investigation.

If found guilty, Lam faces up to 20 years in prison, a fine of up to US$250,000 (S$332,500), or twice the amount of his gains from the scam.

Confused over the CDL boardroom saga? Watch this simplified explanation then:

Read Also:

Advertisements
 
Ong Yee Sage