15-11-2024 (WASHINGTON) A 20-year-old Singaporean man, accused in one of America’s largest cryptocurrency thefts from an individual, appeared before a Washington DC court on Thursday requesting an expedited trial process for charges involving the theft of US$230 million in bitcoin.
Malone Lam, alongside co-defendant Jeandiel Serrano, 21, faces allegations of orchestrating an elaborate social engineering scheme that resulted in the theft of over 4,100 bitcoin from a single victim. During Thursday’s pre-trial hearing at DC District Court, Lam appeared before Judge Colleen Kollar-Kotelly in prison attire, confirming his understanding of his constitutional right to a speedy trial.
The prosecution, led by Kevin Rosenberg, discussed evidence sharing procedures with Lam’s defence team, including Patrick J Queenan. Key evidence includes a hard drive, chat logs, and Lam’s locked smartphone, which the FBI is expected to access through their advanced data extraction capabilities.
According to court documents, the sophisticated scheme involved impersonating Google employees and targeting a high-net-worth early cryptocurrency investor. The perpetrators allegedly employed VPN services and proxy servers to simulate overseas login attempts before convincing the victim to share security codes through a series of deceptive phone calls.
The prosecution alleges that after gaining access to the victim’s accounts, Lam and Serrano manipulated their target into transferring approximately US$3 million in cryptocurrency. They subsequently obtained access to private keys for an additional 4,100 bitcoin through remote desktop software.
Following the theft, Lam allegedly embarked on an extravagant spending spree, including:
- Nightly club expenditures of US$400,000-500,000
- Purchase of 31 luxury vehicles, including rare Lamborghinis and Ferraris
- Multiple Miami waterfront properties, one commanding US$68,000 monthly rent
- Private jet travel between Los Angeles and Miami
Lam’s defence attorney, Scott Armstrong, stated after the hearing: “Mr Lam is 20 years old and unfortunately caught up in a very complicated case. We will vigorously defend him.”
Currently detained at Northern Neck Regional Jail in Virginia, Lam faces potential sentences of up to 20 years imprisonment per offence, along with fines of US$250,000 or twice the value of his illicit gains. Both defendants are scheduled to appear for another pre-trial hearing on January 9, 2025, with the trial potentially commencing in March or April 2025.
