Malone Lam

Malone Lam
Born
Malone Lam Yu Xuan

(2004-07-19) July 19, 2004
Singapore

Malone Lam Yu Xuan (born July 19, 2004)[1] is a Singaporean man indicted in 2024 as the main perpetrator behind cryptocurrency theft and money laundering schemes exceeding $260 million.[2][3]

Prosecutors allege that Lam and his associates stole more than 4,100 Bitcoin from a single investor, in what authorities describe as the largest known single-victim cryptocurrency heist in history, and the first Bitcoin-related Racketeer Influenced and Corrupt Organizations Act (RICO) in history.[4] Lam has admitted to being involved in multiple crypto thefts.[5]

Early life and education

Lam grew up in Singapore. He attended Unity Secondary School in Choa Chu Kang, Singapore,[6] in 2017.[7] By his teenage years, he had dropped out of school and became involved in cryptocurrency trading and online gaming communities, including Minecraft and Discord.[8]

In 2023, he moved to the United States, residing in Miami, Florida, and Los Angeles, California.

Background

According to The New York Times, Lam and his co-conspirator Jeandiel Serrano live-streamed a social engineering heist to friends online and later used the stolen funds to go on a spending spree involving 33 luxury cars, jewelry, travel, and nightclubs[9] before being arrested within a month of the theft.[10]

Lam was arrested by the Federal Bureau of Investigation in September 2024 in Miami, Florida.[11]

In 2025, a superseding federal indictment expanded the case, describing a wider criminal enterprise that allegedly operated from 2023 to 2025.[12] According to the indictment, Lam and 12 others allegedly orchestrated additional thefts, including an incident in July 2024 in which cryptocurrency was taken from a second victim, and are said to have coordinated a burglary in New Mexico. A number of these individuals have pleaded guilty.[13][14] In 2025, it was reported that U.S. prosecutors had offered Lam a new plea deal.[15]

References

  1. ^ "LAM MALONE 09/18/2024". Broward County Mugshots Zone. 18 September 2024. Retrieved 1 December 2025.
  2. ^ Mangan, Dan (15 May 2025). "Bitcoin RICO: Feds say $265 million crypto theft ring blew $13M on exotic cars, nightclubs". CNBC. Retrieved 30 November 2025.
  3. ^ Murphy, Margi (2 October 2024). "Accused Crypto Hacker Becomes an Overnight TikTok Celebrity". Bloomberg.com. Retrieved 30 November 2025.
  4. ^ Knappenberger, Ryan (22 October 2024). "$230 million crypto scam one of largest single victim thefts in history, prosecutors say". Courthouse News Service. Retrieved 30 November 2025.
  5. ^ Greenberg, Andy. "Meet ZachXBT, the Masked Vigilante Tracking Down Billions in Crypto Scams and Thefts". Wired. ISSN 1059-1028. Retrieved 1 December 2025.
  6. ^ Correal, Annie (20 September 2024). "2 Stole $230 Million in Cryptocurrency and Went on a Spending Spree, U.S. Says (Published 2024)". Retrieved 30 November 2025.
  7. ^ Wong, Andrew (16 March 2025). "In 7 years, student from Choa Chu Kang went from gamer to alleged role in $320m crypto heist". The Straits Times. ISSN 0585-3923. Retrieved 30 November 2025.
  8. ^ Moxley, Mitch (24 April 2025). "They Stole a Quarter-Billion in Crypto and Got Caught Within a Month". The New York Times. Retrieved 30 November 2025.
  9. ^ "S'porean charged with $306m Bitcoin theft spent $665k a night in clubs, bought over 30 luxury cars". The Straits Times. 10 March 2025. ISSN 0585-3923. Retrieved 1 December 2025.
  10. ^ Correal, Annie (20 September 2024). "2 Stole $230 Million in Cryptocurrency and Went on a Spending Spree, U.S. Says (Published 2024)". The New York Times. Retrieved 30 November 2025.
  11. ^ "FBI raids luxury home in Miami, neighbors see "really fancy cars" taken away - CBS Miami". www.cbsnews.com. 20 September 2024. Retrieved 30 November 2025.
  12. ^ "CRIMINAL NO. 24-CR-417 (CKK)". United States Department of Justice.
  13. ^ "District of Columbia | Cryptocurrency Money Launderer Pleads Guilty to RICO Conspiracy in Scheme that Stole $263 Million in Crypto | United States Department of Justice". www.justice.gov. 18 November 2025. Retrieved 30 November 2025.
  14. ^ Jain, Sanya (12 March 2025). "Singaporean behind $230M Bitcoin heist spent $500,000 a night at clubs, bought 30 cars, Hermes bags". Hindustan Times. Retrieved 30 November 2025.
  15. ^ "Singaporean accused of leading US$260m crypto heist offered new plea deal". Malay Mail. 19 November 2025. Retrieved 30 November 2025.
This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.