Singaporean National Malone Lam Orchestrates One of the Largest Individual Crypto Thefts in US History

A Singaporean national, Malone Lam, recently appeared in a US court, accused of orchestrating a sophisticated theft of over 4,100 Bitcoin

A Singaporean national has appeared in a US court, accused of orchestrating a sophisticated theft of over 4,100 Bitcoin, valued at approximately $274 million, from a private investor in Washington.

Malone Lam, 28, is alleged to have conspired with Jeandiel Serrano, 24, of California, in an elaborate social engineering scheme that ranks among the largest individual crypto thefts in US history.

According to court documents, Lam and Serrano targeted a high-net-worth crypto investor, gaining unauthorized access to his Google account by posing as Google support staff. They manipulated the victim into believing that his account had been compromised, ultimately extracting security codes and private keys for his cryptocurrency holdings.

Masquerading as members of Gemini’s security team, they convinced the victim to transfer millions of dollars in Bitcoin to a wallet they controlled for “safekeeping.”

Once they secured the funds, the duo allegedly laundered the stolen assets through various exchanges, converting the Bitcoin into other cryptocurrencies like Litecoin, Ethereum, and Monero to conceal their tracks.

Investigators were able to trace Serrano after he deposited $29 million worth of crypto without using a VPN, leading to his arrest in California. The stolen funds were reportedly used for lavish spending, including luxury cars, expensive watches, and extravagant nights out in Los Angeles and Miami.

Both Lam and Serrano now face charges of conspiracy to commit wire fraud and money laundering, offenses carrying penalties of up to 20 years in prison and significant fines.

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