A Singaporean man accused of conspiring to steal and launder over $230 million in cryptocurrency will stand trial on October 6

ChainCatcher news, according to the Singapore Business Times, a 20-year-old Singaporean, Malone Lam, has been arrested for allegedly participating in one of the largest cryptocurrency thefts in U.S. history. He reportedly spent up to $500,000 (approximately 665,000 SGD) in a nightclub in one night and was seen gifting Hermes Birkin bags to models and influencers at a lavish party. The U.S. Department of Justice stated that Lam was arrested in September 2024 along with his 21-year-old American accomplice, Jeandiel Serrano, and they are charged with "conspiring to steal and launder over $230 million (approximately 306 million SGD) in cryptocurrency." At current prices, the stolen 4,100 bitcoins are worth over $450 million.

As of October last year, approximately $70 million has been recovered or frozen at various exchanges. Court documents reveal that "even considering the millions spent by Serrano and accomplices on cars and jewelry, over $100 million remains unaccounted for." If convicted of stealing over 4,100 bitcoins, Lam faces a maximum of 20 years in prison and a fine of up to $250,000 or twice the amount he profited from the fraud. Lam's trial date is set for October 6.