Singaporean accused of stealing $306 million in Bitcoin spent $665,000 per night at clubs, bought more than 30 luxury cars
Witnesses stated that Malone Lam spent exorbitant amounts of money at nightclubs in Los Angeles, with reports suggesting he spent around $500,000 per night. The extravagant spending didn’t stop there – music industry sources revealed that Lam had made purchases of over 30 luxury cars, including a Pagani Huayra and customised Lamborghinis. Additionally, he reportedly splurged on high-end watches, with one watch worn by his cohort, Jeandiel Serrano, valued at $500,000. It was reported that Lam even purchased a watch worth $2 million and a Lamborghini Revuelto for over $1 million using the online handles “Anne Hathaway” and “$$”.
Social media footage went viral, showcasing Lam’s opulent lifestyle. Videos depicted Lam in nightclubs surrounded by models and influencers, lavishing them with Hermes Birkin bags. The pair’s lavish lifestyle caught the attention of authorities as well as kidnappers who targeted Lam’s parents, with a failed kidnapping attempt reported in August 2024 involving a Lamborghini rented by Lam’s parents. Following his overspending and extravagant pursuits, Lam found himself in hot water with US authorities and was indicted in the US District Court for the Southern District of Florida and the Central District of California in September 2024.
Notorious for his spending habits, Lam was known to have made purchases of 31 luxury automobiles, out of which 22 remain unrecovered. Prosecutors revealed that many of Lam’s vehicles had yet to be located, including the Pagani Huayra he acquired for a staggering $3.8 million. Despite efforts to recover and freeze approximately $70 million on various exchanges, a substantial amount of the stolen funds remain unaccounted for, with CNBC reporting that over $100 million is still missing. Serrano, Lam’s co-conspirator, was found with around $20 million of the victim’s stolen Bitcoin on his phone and agreed to return the funds to the FBI.
If convicted of the theft of more than 4,100 Bitcoins, Lam could potentially face up to 20 years in prison and a hefty fine. Lam and Serrano were accused of obtaining the Bitcoin through fraudulent means and moving the funds through various channels to conceal their identities. The DOJ reported that the laundered proceeds from the stolen cryptocurrency were used to fund international travel, nightclubs, luxury cars, watches, jewellery, designer handbags, and rental properties in Los Angeles and Miami. Despite the ongoing investigations and efforts to recover the stolen funds, significant amounts of money acquired through the illicit cryptocurrency scheme remain unaccounted for, leaving authorities and prosecutors working tirelessly to uncover the truth behind one of the most significant crypto heists in recent memory.
