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

News on March 10, according to the Singapore Business Times, 20-year-old Singaporean Malone Lam was arrested for allegedly participating in one of the largest cryptocurrency thefts in U.S. history. He spent up to $500,000 (about SGD 665,000) in a nightclub in one night and was photographed giving Hermès Birkin bags to models and internet celebrities at a luxury party. The U.S. Department of Justice stated that Lam and his 21-year-old American accomplice Jeandiel Serrano were arrested in September 2024, accused of "conspiring to steal and launder more than $230 million (about SGD 306 million) worth of cryptocurrency". At current prices, the stolen 4,100 bitcoins are worth more than $450 million. As of October last year, about $70 million has been recovered or frozen by various exchanges. According to court documents,"even considering millions spent by Serrano and accomplices on cars and jewelry there is still over $100 million unaccounted for." If convicted for stealing more than 4,100 bitcoins,Lam could face up to twenty years imprisonment,a fine up to $250 thousand or twice the amount he profited from fraud.Lam's trial date has been set for October 6.