Singapore man to plead guilty in $240 million Bitcoin theft case
Malone Lam, 22, is scheduled to enter a plea agreement in federal court for his role in a scheme that stole more than $240 million in Bitcoin from a single investor and allegedly spent the proceeds on luxury goods.
A 22-year-old Singapore citizen identified as Malone Lam is set to plead guilty in a Washington, D.C., federal court for his alleged participation in a cryptocurrency theft that netted over 4,100 Bitcoin, valued at more than $240 million at the time of the fraud. Prosecutors say Lam and a group of young co-conspirators used a social-engineering operation in August 2024, posing as representatives of Google and the Gemini exchange, to convince a long-time crypto investor to surrender access to his Google Drive and security codes. The access enabled the suspects to transfer the Bitcoin to multiple exchanges, where money-laundering specialists helped convert portions into cash.
According to the indictment, the defendants then used the proceeds to purchase high-value items, including a $2 million watch, more than 30 luxury vehicles and expensive real-estate, and to fund extensive travel and entertainment expenses. U.S. Magistrate Judge Alicia Valle remarked on the alleged extravagance, likening it to a notorious film character.
Investigators traced one accomplice, Jeandiel Serrano, to an Encino, California, residence after his IP address was linked to a cryptocurrency exchange holding nearly $30 million of the stolen funds. Both Serrano and Lam were arrested on September 18, 2024, in separate operations in Los Angeles and Miami. Eighteen individuals have been charged in the case, with ten already entering guilty pleas. Prosecutors indicated that, under federal sentencing guidelines, Lam could face a prison term of at least 14 years if convicted.