Singapore man to plead guilty in $240 million bitcoin theft case
A 22-year-old Singaporean who organized a social-engineering scheme that stole more than $240 million in bitcoin is expected to plead guilty in Washington, while authorities continue to prosecute his co-defendants.
Federal prosecutors say Malone Lam, a 22-year-old from Singapore, led a group that used social-engineering tactics to gain access to a Washington, D.C., resident’s accounts and transferred over 4,100 bitcoin, valued at more than $240 million, to a series of cryptocurrency exchanges. Lam and several accomplices, identified by prosecutors as Veer Chetal and Jeandiel Serrano, are accused of laundering the proceeds through multiple platforms and converting the virtual currency into cash.
The scheme was uncovered after investigators traced a cryptocurrency exchange account linked to Serrano’s home in Encino, California, and linked other transactions to lavish expenditures, including high-end vehicles, private-jet travel and luxury watches. Federal agents arrested Lam in Miami and Serrano at Los Angeles International Airport in September 2024. Both men are facing charges that include wire fraud, money laundering and conspiracy.
Lam is scheduled to enter a guilty plea at a hearing on Tuesday. Prosecutors have indicated that, if convicted, his sentencing guidelines could call for a prison term of at least 14 years. Several co-defendants have already pleaded guilty or been sentenced to prison terms ranging from six to twelve years.
Cybersecurity researcher Allison Nixon, who monitors underground hacking groups, said increased law-enforcement resources are needed to combat similar fraud schemes. “If we don’t seriously ramp up the resources to take these people down and do it faster, then it’s going to spread more and more,” she said.
U.S. Magistrate Alicia Valle remarked on the extravagant spending associated with the case, noting that the lifestyle was built on fraudulent activity. The court continues to pursue the remaining defendants, with additional sentencing hearings scheduled throughout the year.