Singaporean Malone Lam Charged in US$265 Million Crypto Theft Ring, Splurged on Luxury Cars and Nightclubs

By
Zhi Hao
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Malone Lam, a 20-year-old Singaporean, faces multiple charges in Washington, D.C. for allegedly orchestrating a cryptocurrency theft conspiracy that stole over US$265 million (S$343 million).

Image: WPLG

Prosecutors have charged Lam and 12 others under a four-count indictment including the Racketeer Influenced and Corrupt Organizations (RICO) Act, conspiracy to commit wire fraud, conspiracy to launder monetary instruments, and obstruction of justice.

Singapore School Dropout Turned International Crypto Criminal

Lam previously attended Unity Secondary School in Choa Chu Kang but reportedly dropped out around the age of 14, spending his time playing online games instead.

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He moved to the United States in October 2023 on a tourist visa that later expired.

Before leaving Singapore, Lam already knew Jeandiel Serrano, who is now named as a “co-conspirator” in the case.

The pair allegedly began their illicit activities by stealing other players’ accounts on the video game Minecraft before escalating to cryptocurrency theft.

Lam was first arrested in September 2024 in connection with a heist of approximately 4,100 bitcoin from a victim in District of Columbia in August 2024.

The ill-gotten gain was valued at over US$230 million (S$298 million).

Before his arrest, Lam allegedly attempted to destroy evidence by dropping his mobile phone into Biscayne Bay from his Miami rental home after being tipped off about authorities closing in.

Luxury Cars, Nightclubs and Squishmallow Money Laundering

The cryptocurrency crime ring’s spending was extravagant and flashy, drawing attention from authorities.

Lam allegedly purchased more than 30 exotic cars with the stolen funds, including Ferraris, Lamborghinis, Mercedes G Wagons, a Rolls Royce, a McLaren, and a Pagani Huayra bought for US$3.8 million (S$5 million).

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He even owned a white Lamborghini with his name emblazoned on the door.

The group reportedly spent up to US$500,000 per night at Los Angeles nightclubs.

Their purchases also included a US$2 million watch, luxury handbags valued in tens of thousands of dollars given away at nightclub parties, and luxury watches valued between US$100,000 and US$500,000.

The spending extended to rental homes in Los Angeles, the Hamptons, and Miami, private jet rentals, and a team of private security guards.

Squishmallow Stuffed Toys

According to the indictment, the group laundered money by converting stolen cryptocurrency into cash, which they then hid inside “Squishmallow” stuffed toys containing approximately US$25,000 (S$32,350) each before shipping them to members across the U.S.

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Image: Lazada

The group also allegedly committed home burglaries, including breaking into a victim’s residence in New Mexico to steal a virtual currency wallet hardware.

Even after his arrest, Lam allegedly continued operating the ring from behind bars, with members buying luxury Hermès Birkin bags and delivering them to his girlfriend in Miami, Florida.

Two additional suspects, Hamza Doost and Kunal Mehta, were arrested in mid-May in California for their alleged involvement in money laundering activities for the ring.

Lam has pleaded not guilty to the new indictment, with a trial expected to begin in October.

His defense attorney, Scott Armstrong, told CNBC: “Mr Lam is 20 years old and has no criminal history. He is unfortunately caught up in a very complicated case. We will vigorously defend him.”

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Zhi Hao
Email: [email protected]