Singaporean accused of stealing US$230 million worth of Bitcoin spends US$500,000 per night in clubs

Allegations of extravagant spending, luxury gifts, and a high-flying lifestyle have surrounded Singaporean Malone Lam and his American counterpart Jeandiel Serrano following their arrest in connection with one of the largest cryptocurrency thefts in the US. Accused of stealing over 4,100 Bitcoin valued at more than $450 million in current prices, the duo faced charges relating to a “conspiracy to steal and launder over US$230 million in cryptocurrency from a victim in Washington, DC,” according to the US Department of Justice.

Reports indicate that Lam and Serrano indulged in a lavish lifestyle post-theft, with Lam reportedly spending exorbitant amounts, ranging from $400,000 to $500,000 per night, at Los Angeles nightclubs. Receipts showed jaw-dropping sums spent on a variety of luxury items such as premium alcohol, designer watches, and high-end vehicles, including Lamborghinis, Ferraris, and Porsches. Notably, at the time of arrest, Serrano was reportedly sporting a watch worth $500,000.

Social media posts and viral videos depicted Lam engaging in flashy displays of wealth, gifting Hermes Birkin bags to models and influencers. These displays not only attracted the attention of law enforcement but also drew the interest of kidnappers who targeted Lam’s parents in a bungled attempted kidnapping. Lam’s arrival in the US on a tourist visa, subsequent overstay, and alleged participation in high-spending activities ultimately led to his arrest in Miami in September 2024.

The indictment against Lam and Serrano outlined their fraudulent activities, including the illicit acquisition of Bitcoin and subsequent laundering through various means to conceal their identities. The misappropriated funds were reportedly used for international travel, luxury rentals, and upscale shopping sprees involving vehicles, jewelry, and designer handbags, among others. Despite efforts to recover a portion of the stolen funds, significant amounts remain unaccounted for, with luxury assets such as Lamborghinis and watches yet to be retrieved by authorities.

The ongoing legal proceedings have shed light on the extent of the alleged theft, with Lam facing the possibility of up to 20 years in prison and significant fines if found guilty. Serrano, who possessed a substantial portion of the stolen Bitcoin on his phone, agreed to transfer those funds back to authorities. As the case unfolds, the extravagant spending habits and flashy lifestyle associated with the accused individuals continue to captivate public attention, underscoring the allure and risks inherent in the realm of cryptocurrency-related crimes.