How a 20-Year-Old Singaporean Stole S$328 Million and Lived Like a King Before Arrest
Malone Lam, a 20-year-old Singaporean, has been charged in the United States for orchestrating a cryptocurrency crime ring that stole over US$230 million (approximately S$328 million) from a single victim in Washington, D.C. Lam is alleged to be the mastermind behind a 13-member gang responsible for one of the largest crypto heists in recent history.
The Elaborate Crypto Heist and Money Laundering Scheme
The gang, formed through online gaming platforms, targeted high-value cryptocurrency users by hacking into their wallets. Using sophisticated social engineering tactics, including spoofed phone numbers and impersonating tech support, the group tricked victims into revealing private keys. This allowed them to transfer vast sums of Bitcoin into multiple accounts, obscuring the money trail.
In August 2024, Lam and his accomplices stole 4,100 Bitcoin, worth over US$230 million at the time. The gang is also accused of stealing an additional US$14 million from other victims and even conducting home burglaries to steal virtual currency hardware.
Federal prosecutors revealed the gang converted stolen cryptocurrency into cash, which was secretly shipped to members concealed inside “squishmallow” stuffed animals—a novel laundering method to evade detection.
Lavish Lifestyle Amidst Criminal Activities
Following the theft, Malone Lam indulged in an extravagant lifestyle. Reports indicate he spent hundreds of thousands of dollars on nightclub visits, at times dropping up to US$500,000 in a single night on bottle service. He also purchased at least 28 luxury cars, some valued at nearly US$4 million each, and rented opulent homes in affluent neighbourhoods such as Los Angeles, the Hamptons, and Miami.
Lam’s conspicuous spending extended to luxury clothing and lavish gifts. Despite his efforts to impress, including handing out $50,000 Birkin bags to clubgoers, some recipients rejected his overtures. His social media accounts showed off this extravagant lifestyle, which played a crucial role in drawing law enforcement attention.
The Role of Crypto Analyst and Subsequent Arrest
A crypto enthusiast known as Zach XBT, who had himself been a victim of crypto scams, closely monitored suspicious blockchain activity related to Lam’s transactions. By tracking the flow of stolen Bitcoin and analysing public records on the blockchain, Zach identified Lam and his associates.
Further incriminating evidence surfaced when a member of the crime ring leaked an audio recording of their celebratory chat, confirming their involvement. Zach forwarded the information to the FBI, which swiftly launched a raid in September 2024, arresting Lam and his associates.
Despite being detained, Lam allegedly continued managing the crime ring, coordinating with members and orchestrating purchases—including luxury items sent to his girlfriend in Miami.
Legal Proceedings and Potential Sentencing
Malone Lam appeared in a Washington D.C. court in May 2025, where he pleaded not guilty to charges under the Racketeer Influenced and Corrupt Organisations (RICO) Act. Alongside a co-organiser, Lam faces allegations of conspiracy to steal and launder hundreds of millions of dollars in cryptocurrency.
If convicted, Lam could face more than 20 years in prison, fines up to US$250,000, or double the gains from his illegal activities. His trial is scheduled for October 2025, with the young Singaporean maintaining his innocence.
Broader Implications for Cryptocurrency Security
This case highlights the vulnerabilities within the rapidly growing cryptocurrency sector and the dangers posed by sophisticated cybercriminals. The use of innovative laundering methods, such as hiding cash in stuffed toys, shows the evolving tactics employed by organised crime groups.
Authorities continue to urge crypto users to exercise caution and strengthen security measures, as the intersection of digital assets and organised crime becomes an increasingly critical concern for law enforcement worldwide.