Singaporean, charged with US$230M Bitcoin theft, spent $500K a night at clubs, bought over 30 luxury cars

Malone Lam, 20, charged in one of the U.S.'s largest cryptocurrency thefts, spent US$500,000 in a night at nightclubs and bought over 30 luxury vehicles, including a US$3.8 million Pagani Huayra and customized Lamborghinis.

The Singaporean, along with 21-year-old American Jeandiel Serrano, was arrested in September 2024 by U.S. authorities. They face charges of conspiracy related to the theft and laundering of cryptocurrency worth more than US$230 million from a victim in Washington, D.C. At current market values, the 4,100 bitcoins stolen now exceed US$450 million.

Lam initially entered the U.S. on a tourist visa in October 2023, overstayed his permitted 90 days, and was eventually apprehended in Miami after traveling there via private jet from Los Angeles. He has been indicted by U.S. courts in both Florida and California, with his trial scheduled to begin on Oct. 6.

The indictment claims that Lam, Serrano, and their accomplices deceived a Washington, D.C. victim into transferring the bitcoins on August 18, 2024. They allegedly employed advanced methods such as cryptocurrency mixers, peel chains, and virtual private networks to conceal their identities and launder stolen funds through multiple cryptocurrency exchanges.

Authorities revealed Lam and Serrano spent their illicit wealth on luxurious purchases, including multimillion-dollar vehicles, high-end watches, rented properties in Miami and Los Angeles, and extravagant nightlife outings. Los Angeles club managers reported that Lam spent between US$400,000 and US$500,000 per visit, with receipts showing amounts exceeding US$569,000 in a single night.

Prosecutors stated Lam admitted purchasing 31 luxury vehicles, 22 of which authorities have yet to recover, including his Pagani Huayra that he purchased for US$3.8 million.

By October 2024, law enforcement had seized or frozen roughly US$70 million, yet over US$100 million remains unaccounted for. Serrano, found with US$20 million in stolen bitcoin, has agreed to return those funds to the FBI, CNBC reported.

If found guilty, Lam could face a maximum sentence of 20 years imprisonment and fines up to US$250,000 or double the amount obtained from his illegal activities.

Source : https://e.vnexpress.net/news/tech/tech-news/singaporean-charged-with-us-230m-bitcoin-theft-spent-500k-a-night-at-clubs-bought-over-30-luxury-cars-4859266.html

Comprehension

How much cryptocurrency was stolen in the theft?
What methods did the suspects allegedly use to launder the stolen funds?
How did authorities catch Malone Lam?
What are some of the things Lam spent his stolen money on?
How many luxury vehicles did Lam purchase?
How much money has law enforcement recovered so far?
What is the maximum sentence Lam could face if found guilty?
How much did Lam allegedly spend in a single night at a nightclub?
Where was Lam arrested?
What did Serrano agree to do with the stolen bitcoin?

Discussion

What makes cryptocurrency theft different from traditional theft?
Why do you think criminals use methods like cryptocurrency mixers and VPNs?
What security measures can individuals take to protect their cryptocurrency assets?
Do you think the punishment for financial crimes like this is severe enough? Why or why not?
Why do you think some criminals spend so extravagantly instead of hiding their wealth?
How should law enforcement agencies improve their ability to track stolen cryptocurrency?
How do luxury spending habits by criminals make them easier to catch?
Do you think cryptocurrency is more of a benefit or a risk to society?
What role do private jets and exclusive nightclubs play in the lives of people who commit financial crimes?
If you found out someone had stolen money and was living lavishly, would you report them? Why or why not?

Vocabulary

Cryptocurrency – Digital or virtual currency secured by cryptography.
Launder – To hide the source of illegally obtained money.
Indictment – A formal charge or accusation of a crime.
Conspiracy – A secret plan by a group to commit an illegal act.
Seized – Taken or confiscated by authorities.
Accomplice – A person who helps someone commit a crime.
Illicit – Illegal or forbidden by law.
Extravagant – Spending too much money in a luxurious or wasteful way.
Forensic – Related to scientific methods used to investigate crimes.
Apprehended – Arrested or taken into custody by authorities.