In one of the largest cryptocurrency thefts in U.S. history, Singaporean Malone Lam has been arrested and charged with conspiring to steal and launder over US$230 million (S$306 million) worth of Bitcoin.

According to the latest Straits Times report, Lam, 20, and his co-accused, American Jeandiel Serrano, 21, are at the centre of a brazen heist that saw over 4,100 stolen Bitcoin (worth more than US$450 million at current rates) siphoned from a victim in Washington, D.C.

A 20-year-old Singaporean, Malone Lam, is being accused of conspiracy to steal and launder over US$230 million (S$306 million) in Bitcoin, in what could be one of the largest cryptocurrency thefts in U.S. history.

According to a latest Straits Times report, Lam and his 21-year-old co-accused, American Jeandiel Serrano, were juggling spending habits that involved million-dollar Yachts and luxury cars, all while evading the authorities for a period of two months before their arrest in September 2024.

The heist, which targeted a victim in Washington, D.C., back in August 2024, involved the theft of over 4,100 Bitcoin (currently valued at over US$450 million). The cryptocurrency was stolen via fraudulent means, with Lam and Serrano later laundering the funds through various international exchanges.

The pair also employed sophisticated tactics to mask their identity and movements, such as mixers, virtual private networks, and “peel chains” to siphon and transfer the illicit funds.

In the brief period between executing the crime and their subsequent arrest, Lam and Serrano engaged in a spree of extravagant spending, leaving a trail of luxury cars, expensive watches, and lavish nightclub benders.

According to a report by Rolling Stone, club managers in Los Angeles stated that Lam was known to spend up to US$500,000 a night at exclusive venues. A receipt from one night out at a club called "The Highlight Room" showed an astronomical US$569,528.39 bill. The bill included an incredible 640 bottles of high-end vodka, champagne, and Red Bull, among other items.

Their excessive spending was evident in the acquisition of over 30 luxury cars, including a multi-million-dollar Pagani Huayra, multiple customized Lamborghinis, and rare watches.

At a club called "Omnia," Lam reportedly purchased a US$2 million watch and a Lamborghini Revuelto, priced at over US$1 million, for a dancer named "Ashleigh."

Their actions drew attention from both law enforcement and the public, leading to news articles and social media posts about the pair's lavish spending.

However, their reckless lifestyle also made them a target for criminals. In August 2024, Lam’s parents became the victims of a botched kidnapping attempt, which was later linked to their son’s newfound wealth. The incident ended in a crash on the highway, with all involved suspects subsequently arrested.

Lam's arrest in Miami in September 2024, following his entry into the U.S. on a tourist visa in October 2023 and overstay, and his co-accused's arrest in August 2024, came after a multi-month investigation by federal agents.

The indictment revealed that their criminal enterprise began on Aug 18, 2024, when they targeted the Washington victim and used fraudulent methods to steal the massive Bitcoin haul. After the theft, they laundered the funds through various international exchanges, diverting a portion of the stolen cryptocurrency to their lavish lifestyles.

Despite the authorities' efforts, many of the stolen luxury cars and assets, including the prized Pagani Huayra, remain unaccounted for.

Authorities have managed to recover around US$70 million worth of the stolen cryptocurrency, but much more remains out of reach, with over US$100 million still untraced.

Lam's 31 luxury cars, 22 of which are still missing, serve as a reminder of just how far he and his accomplices went to enjoy the spoils of their crime.

If convicted, Lam faces up to 20 years in prison and hefty fines, with a potential penalty of up to US$250,000 or twice the amount of his profits from the heist. The stolen cryptocurrency, which authorities are working hard to trace, remains one of the largest crypto thefts in history, highlighting the growing intersection between digital crime and lavish spending.