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Singaporean behind $230M Bitcoin heist spent $500,000 a night at clubs, bought 30 cars, Hermes bags
Lam, accused of a $230 million Bitcoin heist, faces trial on October 6, with prosecutors detailing his lavish spending on luxury items.
A US court has set the trial date for Singaporean national Malone Lam, the 20-year-old accused of orchestrating one of the largest cryptocurrency heists in American history. Lam, who allegedly stole over $230 million worth of Bitcoin, will stand trial on October 6 in Washington, DC, Channel News Asia has reported.
At today’s prices, the 4,100 Bitcoin he stole are worth more than $450 million. If convicted, he faces up to 20 years in prison.
Lavish spending spree
Before his arrest in September 2024, Lam reportedly burned through his stolen fortune at an astonishing pace. Investigators say he splashed out up to $500,000 a night at nightclubs in Los Angeles and Miami, leaving behind receipts that included extravagant purchases such as $72,000 on 48 bottles of champagne and $38,500 on 55 bottles of Grey Goose vodka. One bill alone allegedly totaled $569,528.39, as reported by Business Times Singapore.
But his spending didn’t stop at nightlife. Lam is believed to have purchased over 30 luxury cars, including customised Lamborghinis, Ferraris, and Porsches. Among his most extravagant purchases was a Pagani Huayra for $3.8 million and a Lamborghini Revuelto for over $1 million.
US prosecutors revealed that at the time of his arrest, his co-defendant, 21-year-old Jeandiel Serrano, was wearing a $500,000 watch, while Lam had acquired a timepiece worth $2 million.
Hermès bags to influencers
Social media posts that emerged before his arrest also showed Lam gifting Hermès Birkin bags - which can cost upwards of $20,000 each - to models and influencers at clubs.
His ostentatious lifestyle not only caught the eye of authorities but also made him a target of criminals; his parents were allegedly kidnapped in August 2024 in an incident later linked to his wealth.
According to the indictment, Lam and Serrano posed as Google support agents to deceive their victim, a high-net-worth cryptocurrency investor in the United States. The duo allegedly used social engineering tactics to gain access to the victim’s accounts, ultimately transferring 4,100 bitcoins - now worth over $450 million - to their own wallets. They then used sophisticated laundering techniques, including crypto mixers, peel chains, and VPNs, to obscure the origins of the funds.
