Singaporean Malone Lam charged for heading crypto crime ring that stole S$340 million
20-year-old Singaporean Malone Lam faced new charges in the United States (US) for leading a crypto crime ring that stole hundreds of millions.
He had previously been charged on 19 Sept 2024 for stealing over 4,100 Bitcoin, worth over US$230 million (over S$300 million), from a single victim.
Source: Broward County Mugshots Zone
The prosecutors superseded the previous charge with a four-count indictment against the 13 members of the crime conspiracy.
In total, the amount stolen by the suspects totalled US$263 million (S$340 million).
Crypto crime ring hid money in stuffed toys
The indictment named Lam specifically as one of the two orchestrators of the crime ring.
Allegedly, the group stole money from cryptocurrency wallets, converted it to cash, and laundered the money.
They then hid the money inside “Squishmallows” stuffed toys and shipped them to the other members.
Source: Squishmallows on Facebook, for illustration purposes only
A member of the group went as far as breaking into a victim’s home in July 2024 to steal their hardware virtual currency wallet.
Even after his arrest for stealing 4,100 Bitcoin, Lam allegedly continued running the crime ring behind bars.
He reportedly had his fellow suspects buy and deliver luxury bags to his girlfriend.
Lam pleaded not guilty to the new indictment, with a trial expected to begin in October.
Previously attended school in Choa Chu Kang
According to The Straits Times (ST), Lam dropped out of Unity Secondary School in Choa Chu Kang when he was between 13 and 14 years old.
He moved to the US in October 2023, where he met up with alleged fellow scammer Jeandiel Serrano.
The two previously got started by stealing other players’ accounts on the video game Minecraft.
Bought over 30 luxury cars with allegedly stolen money
After their successful crypto heist, Lam would spend up to US$500,000 (around S$700,000) per night in LA nightclubs.
Source: iainteventrippen_ on Instagram
He purchased over 30 luxury cars, including a Pagani Huayra bought for US$3.8 million (S$5 million).
Lam also acquired a white Lamborghini with his name on the door.
Source: starworldlab on Instagram
The suspect showcased “generosity” as well, by giving expensive luxury handbags to social media influencers with whom he wasn’t acquainted.
His flashy lifestyle attracted the attention of the authorities, who eventually arrested Lam.
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Featured image adapted from Broward County Mugshots Zone and starworldlab on Instagram.
