SINGAPOREAN Malone Lam – arrested and charged with one of the biggest crypto heist in the US – splurged up to US$500,000 a night at clubs and was seen gifting Hermes Birkin bags to models and influencers in his lavish outings.
The US Department of Justice (DOJ) said the 20-year-old and co-accused, American Jeandiel Serrano, 21, were arrested in September 2024 and charged with “conspiracy to steal and launder over US$230 million in cryptocurrency from a victim in Washington DC”. At today’s prices, the 4,100 stolen Bitcoins are worth over US$450 million.
In the short time between the theft and their arrest, Lam and Serrano wasted no time in living it up on their alleged ill-gotten loot.
Management at Los Angeles nightclubs told US investigators that Lam “was spending approximately US$400,000-US$500,000 per night” at their premises. One receipt from an LA club showed Lam supposedly spent ”US$569,528.39 in one night.” The bill included US$38,500 for 55 Grey Goose bottles, US$72,000 for 48 Ace of Spade Brut bottles and US$300 for five baskets of Redbull.
There were also purchases of over 30 multi-million-dollar luxury cars – including customised Lamborghinis, Ferraris, and Porsches – and top-end watches. At the time of his arrest, Serrano was wearing a US$500,000 watch, according to US prosecutors. Lam, who used the online handles “Anne Hathaway” and ”$$,” had also purchased a watch for US$2 million, and a Lamborghini Revuelto for more than US$1 million.
Social media videos also went viral showing Lam in nightclubs, gifting Hermes Birkin bags to models and influencers,
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Lam and Serrano’s conspicuous high-living not only caught the eye of the authorities but also the attention of kidnappers who targeted Lam’s parents. A CNBC report that linked the August 2024 attempted kidnapping to Lam said it involved a couple in a Lamborghini they said was rented by their son. The kidnapping was botched when the escape van crashed and the attackers fled on foot. All six involved were subsequently arrested.
Lam arrived in the US in October 2023 on a 90-day tourist visa. He overstayed, and subsequently flew by private jet from LA to Miami, where he was arrested last September and indicted in the US District Court for the Southern District of Florida and the Central District of California.
The indictment said that on Aug 18, 2024, Lam, Serrano, and their conspirators contacted a victim in DC and, through their communications with that victim, fraudulently obtained over 4,100 Bitcoins. The pair are accused of moving the funds through “various mixers and exchanges using ‘peel chains’, pass-through wallets, and virtual private networks (VPNs) to mask their true identities”.
They allegedly spent the laundered cryptocurrency proceeds on international travel, nightclubs, luxury automobiles, watches, jewelry, designer handbags, and rental homes in Los Angeles and Miami, the DOJ said.
Prosecutors said Lam “admitted to purchasing 31 luxury automobiles, 22 of which have yet to be recovered by law enforcement.” “Many of Lam’s vehicles have not been located as of yet, such as his Pagani Huayra that he purchased for US$3,800,000,” they added.
As of last October, about US$70 million has been recovered or frozen on various exchanges. “Even considering the millions of dollars that Serrano and his co-conspirators spent on automobiles and jewellery, well over US$100,000,000 remains unaccounted for,” CNBC reported, citing court filings.
Serrano had about US$20 million of the victim’s stolen bitcoin on his phone, and agreed to transfer those funds back to the FBI.
In his latest court appearance earlier this month, Lam appeared in a green prison jumpsuit in a Washington court where his trial date was set for Oct 6.
If found guilty of the theft of the over 4,100 bitcoins, Lam faces up to 20 years in prison, a fine of up to US$250,000, or twice the amount of his gains from the scam.
