A 22-year-old man from Singapore, Malone Lam, is expected to plead guilty in connection with a major Bitcoin theft. Lam is accused of being involved in the theft of more than $240 million in Bitcoin from a single victim. This case is considered one of the largest cryptocurrency thefts in U.S. history.
Lam, who left school after eighth grade, is identified by prosecutors as a suspected leader in a vast cryptocurrency scam. Lam is scheduled for a plea agreement hearing in Washington, D.C., federal court.
According to prosecutors, Lam and his alleged accomplices participated in a scheme targeting a wealthy cryptocurrency investor. They reportedly used a sophisticated social engineering attack in August 2024 to deceive the investor into giving access to his digital assets.
A Justice Department filing in the case against co-defendants Hamza Doost and Kunal Mehta includes a photograph of Lam. (AP Photo/Jon Elswick)
The scammers allegedly impersonated representatives from Google and Gemini, claiming the investor’s accounts were compromised.
Following this ruse, the victim provided access to his Google Drive and security codes, enabling Lam and his group to steal over 4,100 Bitcoin, valued then at $240 million.
The stolen cryptocurrency was allegedly transferred through multiple exchange platforms. Money laundering experts converted some of it into cash. Lam and his associates went on an extravagant spending spree, prosecutors say. The Justice Department’s superseding indictment against Lam and his co-defendants is documented. (AP Photo/Jon Elswick)
In Los Angeles nightclubs, Lam allegedly spent $4 million in a month, with one single night costing over $569,000. Other acquisitions included a $2 million watch and more than 30 vehicles, among them custom Porsches, Lamborghinis, and Ferraris.
The group also rented multimillion-dollar properties, flew privately, and hired security.
The lavish lifestyle drew attention, leading investigators to close in. U.S. Magistrate Judge Alicia Valle remarked on Lam’s initial court appearance in Miami, likening his antics to “Ferris Bueller gone bad.”
One alleged co-conspirator, Jeandiel Serrano, inadvertently exposed his location when creating an account on a cryptocurrency exchange holding nearly $30 million in stolen funds. Prosecutors traced the IP address to Serrano’s rented home in Encino, California, costing $47,500 monthly. A Justice Department filing in the case against Hamza Doost and Kunal Mehta includes a photograph of Lam. (AP Photo/Jon Elswick)
Both Serrano and Lam were arrested separately in September 2024. FBI agents apprehended Serrano at Los Angeles International Airport, where he wore a watch valued at approximately $500,000. Lam’s arrest occurred the same day at a Miami mansion.
Eighteen individuals face charges related to this case, with ten pleading guilty thus far.
During Lam’s initial court appearance, a prosecutor’s estimate suggested he might receive at least a 14-year prison sentence if convicted.