A 20-year-old Singaporean, Malone Lam, has requested a speedy trial in the United States following charges of stealing $230 million in cryptocurrency. Lam allegedly orchestrated the theft alongside co-conspirator Jeandiel Serrano, employing sophisticated social engineering techniques to defraud a high-net-worth cryptocurrency investor.

The Alleged Crypto Heist

Lam and Serrano, both in their early 20s, targeted the victim as a prominent early investor in cryptocurrency. Court documents detail how the duo used fake Google account alerts and impersonated security team members from Google and the Gemini cryptocurrency exchange to gain access to the victim’s accounts.

Through a combination of phishing techniques and remote access software, Lam accessed private keys that secured over 4,100 Bitcoin—valued at $230 million at the time. The stolen funds were transferred to wallets controlled by Lam.

Lavish Spending

Lam allegedly went on an extravagant spending spree following the theft. Court records reveal he spent between $400,000 and $500,000 per night at U.S. nightclubs and purchased 31 luxury cars, including custom Ferraris, Lamborghinis, and Porsches, with some priced at $3 million each.

In Miami, Lam rented multiple waterfront homes, including one on Hibiscus Island with a monthly rent of $68,000, and continued his spree on private jets, jewelry, and additional luxury items.

Lam appeared in a Washington, D.C., court on Nov. 14, where he confirmed his understanding of his rights to a speedy trial, guaranteed by the U.S. Constitution. Judge Colleen Kollar-Kotelly noted that the trial could begin as early as March or April 2025.

Prosecutors outlined evidence, including chat logs, a hard drive, and Lam’s locked smartphone. Judge Kollar-Kotelly remarked on the FBI's expertise in extracting data, signaling that further revelations could emerge.

Lam’s lawyer, Scott Armstrong, characterized the case as complex and stated, “We will vigorously defend him.” Lam has declined to review evidence shared with the prosecution.

Potential Sentences and Next Steps

Each charge against Lam carries a maximum sentence of 20 years in prison, along with fines of up to $250,000 or twice the monetary gains from the crime.

Both Lam and Serrano are expected to appear in court again on Jan. 9, 2025, for a pre-trial hearing, where the trial date may be finalized.

Broader Implications

This case highlights the evolving sophistication of crypto-related fraud and the significant financial and personal consequences for perpetrators. As cryptocurrency adoption grows, authorities are increasingly focused on combating crimes in the sector.

Lam’s case is among the largest private cryptocurrency thefts in U.S. history, underscoring the need for enhanced security practices among investors and exchanges alike.