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SINGAPORE, March 10 — Singaporean Malone Lam, 20, was arrested and charged with one of the biggest crypto heists in the United States.
Business Times reported that Lam and his co-accused, American Jeandiel Serrano, 21, allegedly stole over 4,100 Bitcoin, worth more than US$450 million (RM1.99 billion) today.
The US Department of Justice (DOJ) stated that the duo was arrested in September 2024 and charged with conspiracy to steal and launder over US$230 million in cryptocurrency from a victim in Washington, DC2.
Lam, who used the online handles “Anne Hathaway” and “$$$,” splurged up to US$500,000 (S$665,000) a night at clubs, giving out Hermés bags to models and influencers, and bought more than 30 luxury cars, including a Pagani Huayra for US$3.8 million and customised Lamborghinis.
In his latest court hearing, Lam appeared in a green prison jumpsuit in a Washington court where his trial date was set for October 64.
The DOJ said Lam and Serrano spent the laundered cryptocurrency proceeds on international travel, nightclubs, luxury cars, watches, jewellery, designer handbags, and rental homes in Los Angeles and Miami5.
Prosecutors revealed that Lam admitted to purchasing 31 luxury automobiles, 22 of which have yet to be recovered by law enforcement.
As of October 2024, about US$70 million has been recovered or frozen on various exchanges, but well over US$100 million remains unaccounted for.
If found guilty, 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.
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