Singaporean charged with US$230 million Bitcoin theft blows US$500,000 a night in clubs; gives designer bags to models, influencers

SINGAPOREAN Malone Lam – arrested and charged over one of the biggest crypto heist in the US – splurged up to US$500,000 a night at clubs and was seen giving Hermes Birkin bags to models and influencers in his lavish outings.

The US Department of Justice (DOJ) said the 20-year-old and co-accused, American Jeandiel Serrano, 21, were arrested in September 2024 and charged with “conspiracy to steal and launder over US$230 million in cryptocurrency from a victim in Washington, DC”. At today’s prices, the 4,100 stolen Bitcoin are worth more than US$450 million.

In the short time between the theft and their arrest, Lam and Serrano wasted no time in living it up on their alleged ill-gotten loot.

Management at Los Angeles nightclubs told US investigators that Lam “was spending approximately US$400,000-US$500,000 per night” at their premises. One receipt from an LA club showed that Lam supposedly spent US$569,528.39 in one night. The bill included US$38,500 for 55 bottles of Grey Goose vodka, US$72,000 for 48 bottles of Ace of Spade Brut champagne and US$300 for five buckets of Redbull.

There were also purchases of more than 30 luxury cars – including multi-million-dollar customised Lamborghinis, Ferraris, and Porsches – and top-end watches. At the time of his arrest, Serrano was wearing a US$500,000 watch, indicated US prosecutors. Lam, who used the online handles “Anne Hathaway” and “$$” also purchased a watch for US$2 million, and a Lamborghini Revuelto for more than US$1 million.

Social media videos that went viral showed Lam in nightclubs, giving Hermes Birkin bags to models and influencers.

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Lam and Serrano’s conspicuous high-living not only caught the eye of the authorities but also the attention of kidnappers who targeted Lam’s parents. A CNBC report that linked the August 2024 attempted kidnapping to Lam said it involved a couple in a Lamborghini which they said was rented by their son. The kidnapping was botched when the escape van crashed and the attackers fled on foot. All six involved were subsequently arrested.

Lam arrived in the US in October 2023 on a 90-day tourist visa. He overstayed, and subsequently flew by private jet from Los Angeles to Miami, where he was arrested last September and indicted in the US District Court for the Southern District of Florida and the Central District of California.

The indictment said that on Aug 18, 2024, Lam, Serrano and their conspirators contacted a victim in Washington and, through their communications with that victim, fraudulently obtained more than 4,100 Bitcoin. The pair are accused of moving the funds through “various mixers and exchanges using ‘peel chains’, pass-through wallets, and virtual private networks to mask their true identities”. 

They allegedly spent the laundered cryptocurrency proceeds on international travel, nightclubs, luxury cars, watches, jewellery, designer handbags and rental homes in Los Angeles and Miami, the DOJ said.

Prosecutors said Lam “admitted to purchasing 31 luxury automobiles, 22 of which have yet to be recovered by law enforcement”. “Many of Lam’s vehicles have not been located as yet, such as his Pagani Huayra that he purchased for US$3,800,000,” they added.

As at last October, about US$70 million has been recovered or frozen on various exchanges. “Even considering the millions of dollars that Serrano and his co-conspirators spent on automobiles and jewellery, well over US$100,000,000 remains unaccounted for,” CNBC reported, citing court filings.

Serrano had about US$20 million of the victim’s stolen Bitcoin on his phone, and agreed to transfer those funds back to the Federal Bureau of Investigation.

In his latest court appearance earlier this month, Lam appeared in a green prison jumpsuit in a Washington court where his trial date was set for Oct 6.

If found guilty of the theft of the more than 4,100 Bitcoin, Lam faces up to 20 years in prison, a fine of up to US$250,000, or twice the amount of his gains from the scam.