24-10-2024 (SINGAPORE) A 23-year-old Singaporean has been charged in what US prosecutors describe as one of the largest cryptocurrency thefts from a private individual in American history, after allegedly stealing over 4,100 bitcoin worth approximately US$230 million through an elaborate social engineering scheme.
Malone Lam, alongside American co-conspirator Jeandiel Serrano, 21, faces charges of conspiracy to commit wire fraud and money laundering. Court documents reveal the pair orchestrated a sophisticated scam by impersonating Google support staff to gain access to their victim’s cryptocurrency holdings.
The elaborate scheme began with carefully planned unauthorised access notifications sent to the victim’s Google account. On August 18, the duo, posing as Google support team members, convinced the victim to share security codes by claiming his account had been compromised. This initial breach allowed Lam to access the victim’s OneDrive and Gmail accounts, where he discovered crucial cryptocurrency exchange information.
The scam escalated when the conspirators persuaded the victim to transfer US$3 million in cryptocurrency to their controlled wallet. They then convinced the victim to install remote desktop software, enabling real-time access to his computer and ultimately the theft of over 4,100 bitcoin.
Following the heist, Lam embarked on an extravagant spending spree across Los Angeles and Miami. Court documents detail nightclub receipts exceeding US$500,000 per night, the purchase of 31 luxury vehicles including custom Lamborghinis and Ferraris, and the rental of premium properties with monthly rates up to US$68,000.
Basically, this was another night the 20years old Singaporean, Malone Lam spent $1.3m in a night club. Goated ???? https://t.co/fg2iEDe3UL pic.twitter.com/BbrplsPoGk
— Sheldon HouseBoy⚖️???????????????? (@kwadwosheldon02) October 21, 2024
The spending trail led to their eventual capture, with Serrano arrested at Los Angeles International Airport upon returning from the Maldives, and Lam apprehended in Miami. Law enforcement seized nine vehicles and luxury watches, including one valued at US$1.8 million, from Lam’s Miami residences.
During police interviews, Lam reportedly admitted to additional cryptocurrency frauds worth millions. Having entered the US on a tourist visa waiver, he faces up to 20 years imprisonment and fines up to US$250,000 or twice his illicit gains for each count if convicted.
A status hearing revealed that both prosecution and defence are pursuing plea negotiations, with a 60-day window granted for potential resolution before trial.
