From Minecraft Gamer to Notorious Crypto Scammer: How 20-Year-Old Malone Lam Yu Xuan Pulled off a US$240M Bitcoin Heist

SINGAPORE: At just 20 years old, Singaporean Malone Lam Yu Xuan has gone from being an online gaming enthusiast to one of the most notorious cryptocurrency scammers in US history.

At just 20 years old, Singaporean Malone Lam Yu Xuan has become one of the most notorious cryptocurrency scammers in US history.

Best known for his role in a US$240 million (S$321 million) Bitcoin heist, one of the largest cryptocurrency thefts ever recorded, Lam is now facing two indictments for conspiracy to commit wire fraud and money laundering, each carrying a maximum sentence of 20 years in prison.

Previously a regular participant in Minecraft gaming communities, Lam built a reputation under aliases like “Greavys,” “Anne Hathaway,” and “Malone” before transitioning into cybercrime, stealing and selling gaming accounts before advancing to scamming cryptocurrency.

According to The Straits Times (ST), Lam, along with his 21-year-old American accomplice, Jeandiel Serrano, allegedly stole 4,100 Bitcoins from a single victim between Aug 18 and 19.

Their extravagant spending spree, which included luxury supercars, private jets, and million-dollar watches, quickly attracted the attention of US authorities, leading to their arrests.

Lam’s sudden wealth was common knowledge in the U.S., especially within social media circles. Despite entering the U.S. in October 2023 on a 90-day visa, which expired in January 2024, Lam remained illegally in the country.

During this time, he developed a taste for the “post and boast” lifestyle, a trend where individuals flaunt their wealth through lavish purchases and extravagant parties.

Between August and September 2024, Lam spent recklessly purchasing 31 luxury cars, including a US$3.8 million Pagani Huayra, a US$1 million Lamborghini Revuelto, and multiple custom Ferraris and Porsches. He also rented mansions in Miami, with one residence costing US$68,000 a month, and indulged in extravagant nightclub experiences, spending up to US$500,000 per night on alcohol and bottle service.

Social media influencers and nightclub staff confirmed his excessive spending, with one describing meeting Lam at a nightclub where he casually handed out Hermès Birkin bags to strangers.

On one occasion, he allegedly spent US$569,528.39 in a single night, purchasing 55 bottles of Grey Goose, 48 bottles of Ace of Spade Brut champagne, and multiple designer accessories.

Lam’s fraudulent empire began to unravel in September 2024 when US investigators were closing in on his whereabouts.

Serrano was arrested at Los Angeles International Airport on Sep 18 after returning from a holiday in the Maldives.

Upon interrogation, Serrano’s girlfriend tipped off Lam, prompting him to immediately delete his Telegram account in an attempt to obstruct justice, according to court documents cited by ST.

However, despite Lam’s efforts to evade capture, investigators tracked his movements through his high-profile spending habits.

One key mistake was Lam’s name being displayed on a banner at an exclusive nightclub, leading authorities to confirm his location.

On Sep 21, Lam was arrested while attempting to flee Miami in a private jet.

US prosecutors have described Lam as a sophisticated cryptocurrency fraudster with the ability to execute large-scale cybercrimes from anywhere in the world.

“[Lam] can do those kinds of hacking from anywhere, and there is no reasonable combination of conditions that pre-trial services can implement that will prevent his ability to further exploit crypto investors throughout the country,” argued Prosecutor Jonathan Stratton against granting him bail.

Following his arrest, Lam remains in detention and awaits trial. His lawyer, Scott Armstrong, recently filed a notice confirming Lam’s intention to proceed to trial by jury, with a court date set for Oct 6, 2025.

At the time of his arrest, US$70 million had been recovered or frozen on various crypto exchanges. However, investigators believe that over US$100 million in stolen Bitcoin remains unaccounted for.

Serrano had US$20 million of stolen Bitcoin stored on his phone, which he later agreed to transfer to the Federal Bureau of Investigation (FBI).