How a Singaporean man allegedly stole US$230 million in cryptocurrency
A Singaporean man, Malone Lam, has been charged in the United States with conspiracy to commit wire fraud and money laundering. Together with his co-conspirator, Jeandiel Serrano, they allegedly stole over 4,100 bitcoin – worth about US$230 million at the time – from a victim in Washington. The scam has been described as “one of the largest cryptocurrency thefts from a private individual in the history of the United States”, according to prosecutors.
Elaborate Scam Details
Court filings revealed that Lam and Serrano targeted the victim because they identified him as a “high-net-worth investor” from the early days of the cryptocurrency market. The scam involved significant planning, with one of the conspirators causing unauthorised Google account access notifications to be sent to the victim in the week leading up to the theft.
On the day of the theft, Lam and his accomplice called the victim, pretending to be Google support team members handling a hack attempt on his account. Through social engineering tactics, they managed to convince the victim to provide security codes to his account, ultimately gaining access to the victim’s cryptocurrency assets.
Spending Spree and Lavish Lifestyle
Following the theft, Lam went on a lavish spending spree, as documented by authorities. He was seen spending hundreds of thousands of dollars per night at Los Angeles nightclubs, gifting expensive handbags, and purchasing luxury automobiles including custom Lamborghinis, Ferraris, and Porsches.
Lam also rented multiple homes in Miami, continued his extravagant spending in nightclubs, as well as on jewellery and cars.
Legal Proceedings and Potential Penalties
Lam arrived in the US on the visa waiver program and has no legal status in the country. He is facing multiple charges of conspiracy to commit wire fraud and money laundering, with the potential of being jailed for up to 20 years and fined up to US$250,000 for each count. The government is seeking to keep him in remand due to concerns about his substantial yet-to-be-located assets that could aid in his escape.
Despite the ongoing legal proceedings, Lam’s case has shed light on the sophisticated tactics used in cryptocurrency scams and serves as a cautionary tale in the world of digital finance.
For more updates on this case and other top stories, visit Channel News Asia Singapore.
