20-9-2024 (SINGAPORE) A 20-year-old Singaporean residing in the United States has found himself at the centre of a sensational cryptocurrency theft case that has sent shockwaves through the digital finance world. Malone Lam, along with his alleged accomplice Jeandiel Serrano, 21, from Los Angeles, faces charges of conspiring to steal and launder a staggering US$230 million worth of Bitcoin.
The US Department of Justice announced on Thursday that the duo is accused of fraudulently obtaining more than 4,100 Bitcoin from a victim in Washington DC. The cryptocurrency’s value at the time of the alleged theft exceeded US$230 million, marking this as one of the largest cryptocurrency heists in recent history.
Lam, who splits his time between Miami and Los Angeles, is known in online circles by the monikers “Anne Hathaway” and “$$$”. His co-accused, Serrano, goes by “VesaceGod” and “@SkidStar”. Both were apprehended by the FBI in a late-night operation on Wednesday and made their initial court appearance the following day.
According to the Justice Department, the alleged conspiracy dates back to at least August of this year. The accused, along with other unidentified co-conspirators, are said to have engaged in a sophisticated scheme to illegally access victim cryptocurrency accounts and transfer funds into their own possession.
The complexity of the operation is evident in the laundering techniques employed. The stolen cryptocurrency was allegedly funnelled through various mixers and exchanges using methods such as “peel chains”, pass-through wallets, and virtual private networks (VPNs) to obscure the trail and mask the perpetrators’ identities. A peel chain, a technique used to launder large sums of illicitly obtained cryptocurrency through a series of small transactions, was reportedly a key component of their strategy.
In a display of audacious spending, the pair is alleged to have used the laundered proceeds to finance a lavish lifestyle. This included international travel, nightclub outings, luxury automobiles, high-end watches, jewellery, designer handbags, and rental properties in the upscale areas of Los Angeles and Miami.
The case has drawn significant attention not only due to the enormous sum involved but also because of the international element introduced by Lam’s Singaporean nationality. It underscores the global nature of cryptocurrency crime and the challenges faced by law enforcement agencies in tackling such cross-border digital offences.
