His “Story”
A 20-year-old Singaporean, Lam masterminded one of the largest cryptocurrency heists in history, stealing over 4,100 Bitcoin worth $230 million. His meticulous planning and social engineering tactics allowed him to exploit a high-net-worth investor, ultimately leading to an extravagant lifestyle filled with luxury cars, lavish parties, and multi-million-dollar properties.
However, his reckless spending and digital trail soon unraveled his scheme. Investigators linked him to the crime through online aliases, chat records, and damning financial transactions. As legal proceedings unfold, Lam’s story serves as a stark reminder that even the most sophisticated cybercrimes leave behind traces that can lead to downfall.
Who is Malone Lam and How Did He Get Famous?
Malone Lam, a 20-year-old Singaporean, has gained notoriety as the mastermind behind one of the largest cryptocurrency thefts from a private individual in U.S. history. His name is now associated with an elaborate scheme that resulted in the theft of over 4,100 Bitcoin, worth approximately US$230 million at the time. But how did he do it, and what did he spend the stolen fortune on? Here’s a breakdown of the case.
Personal Details
| Full Name | Malone Lam |
| co-conspirator | Jeandiel Serrano |
| Nationality | Singapore |
| Parents | Data not available |
| Net worth | Data not available |
| Case | He stole 4,100 bitcoins (worth about US$230 million) from a victim in Washington. |
The Cryptocurrency Heist
Lam, along with his co-conspirator Jeandiel Serrano, 21, from Los Angeles, executed a highly sophisticated cyber scam targeting a high-net-worth cryptocurrency investor based in Washington. According to court documents, the duo meticulously planned the heist, using social engineering tactics to deceive their victim.
In the week leading up to the theft, Lam and Serrano triggered unauthorized Google account access notifications, making it seem as though foreign hackers were attempting to breach the victim’s account. On August 18, posing as Google support team members, they called the victim and falsely claimed that his account had been compromised and needed to be secured.
Believing he was speaking with legitimate Google employees, the victim provided security codes that allowed Lam to access his Gmail and OneDrive accounts. There, he found cryptocurrency exchange records, specifically from Gemini. The scammers then staged another call, this time impersonating Gemini’s security team, convincing the victim to transfer US$3 million in cryptocurrency to a wallet controlled by Lam.
To escalate their scheme, they instructed the victim to install a remote desktop connection program, which granted them real-time access to his computer. While Serrano kept the victim distracted, Lam scoured files containing private keys to the investor’s cryptocurrency holdings. Using these access keys, he transferred over 4,100 Bitcoin to accounts under his control.
How They Got Caught
Authorities managed to gather compelling evidence against the duo.
Prosecutors have screen recordings showing Lam using the Telegram handle “$$$” and the Discord alias “Anne Hathaway” to discuss manipulation tactics. Serrano, meanwhile, operated under the monikers “VersaceGod” and “@SkidStar.”
One of the key pieces of evidence linking Lam to the crime was a photograph he sent to friends via Telegram.
The image showed him posing with a new white sports car featuring his name painted on the side. Additionally, in a police interview, Lam admitted to using the “$$$” handle and participating in the cryptocurrency theft and subsequent laundering of funds.
Serrano’s downfall came when he created an account on TradeOgre, a cryptocurrency exchange, to deposit US$29 million worth of stolen digital currency. He neglected to use a VPN, and records showed that the account was created from an IP address registered to his home in Encino, California—an extravagant rental property costing US$47,500 per month.
How Lam Spent the Stolen Millions
After executing the heist, Lam embarked on a lavish spending spree. Court documents detail how he spent millions on luxury cars, extravagant nightclubs, and high-end real estate.
- Nightclubs & Lavish Parties: Lam frequented exclusive nightclubs in Los Angeles, where he reportedly spent between US$400,000 and US$500,000 per night. One receipt shows that he spent US$569,528.39 in a single evening. He also attempted to make payments in cryptocurrency.
- Luxury Cars: Lam purchased at least 31 high-end vehicles, including custom Lamborghinis, Ferraris, and Porsches, some costing up to US$3 million. As of September 24, 22 of these cars had not been recovered, including one with his name “Malone” painted on the side.
- High-End Real Estate: In Miami, Lam rented multiple luxury homes, including one on the exclusive Hibiscus Island and two waterfront properties. One of these rentals cost US$68,000 per month.
- Private Jet Travel: On September 10, Lam chartered a private jet from Los Angeles to Miami, where he continued his extravagant lifestyle.
Legal Proceedings
On October 23, co-conspirator Serrano appeared in a U.S. court for a status hearing. Both the prosecution and defense indicated that they were working toward a resolution without a trial. The court granted 60 days for plea negotiations.
As for Lam, his fate remains uncertain, but the evidence against him is overwhelming. His admissions, digital footprints, and extravagant purchases have left little room for doubt regarding his involvement in one of the most audacious cryptocurrency thefts in history.
Conclusion
Malone Lam’s rise to infamy is a cautionary tale about the perils of cybercrime and the illusion of digital anonymity. While he may have enjoyed a brief period of unimaginable wealth and luxury, his actions have placed him at the center of a major international fraud case. With millions of stolen funds yet to be recovered and ongoing legal proceedings, Lam’s story is far from over.
