Singapore Man Accused of Major Bitcoin Theft to Plead Guilty

A 22-year-old man from Singapore, Malone Lam, is poised to admit guilt for his involvement in a massive Bitcoin theft, one of the largest in U.S. history. Lam allegedly helped steal over $240 million from a single victim and splurged on luxury items routinely.

Lam, alongside his alleged co-conspirators, is scheduled for a plea agreement hearing on Tuesday in Washington, D.C. Federal court. He stands accused as a key player in a scheme that employed ‘social engineering’ tactics to deceive a seasoned cryptocurrency investor into surrendering access to his holdings.

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Prosecutors revealed that the group impersonated representatives from Google and the Gemini cryptocurrency exchange, alerting the victim of supposed account breaches. They reportedly convinced the victim to provide access to his Google Drive and security codes, enabling Lam and others to siphon off more than 4,100 Bitcoin, once worth over $240 million. They then routed the stolen cryptocurrency through various exchange platforms and engaged money laundering specialists to convert it into cash.

The extravagant spending that followed caught significant attention. Lam reportedly spent $4 million in Los Angeles nightclubs over a month, including a $569,000 single-night splurge. He also acquired a $2 million watch and over 30 vehicles, with custom models such as Porsches, Lamborghinis, and Ferraris. The group rented multimillion-dollar homes, flew on private jets, and hired private security.

At Lam’s initial court appearance, U.S. Magistrate Judge Alicia Valle likened the spending spree to a Hollywood character known for mischief, saying, “I could only think of Ferris Bueller gone bad.”

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As the investigation intensified, the group’s activity drew attention. Jeandiel Serrano, an alleged co-conspirator, left his IP address visible while creating an account on a cryptocurrency exchange that stored roughly $30 million in stolen funds. Authorities traced the address to an Encino, California, residence he was renting for $47,500 monthly.

Serrano and Lam were arrested on September 18, 2024. FBI agents detained Serrano at Los Angeles International Airport, where he was reported to be wearing a $500,000 watch. Lam was arrested on the same day at a Miami mansion.

In total, eighteen individuals face charges linked to the case; ten have entered guilty pleas. During Lam’s initial court appearance, a prosecutor suggested that federal sentencing guidelines could impose a prison term of at least 14 years upon conviction.

The Associated Press contributed to this report.