SINGAPORE – In just seven short years, Malone Lam Yu Xuan went from being a student in a secondary school in Choa Chu Kang to being dubbed crypto whizz-kid by some in the US in 2023.
Many who saw his spending spree were amazed a 19-year-old could afford large mansions, a fleet of expensive cars and luxury clothes.
In truth, Lam was living off the millions in crypto he stole from various investors, he later told investigators in the US.
This was before August 2024, when he allegedly got involved in the theft of Bitcoin valued at more than US$240 million (S$320 million), one of the largest cryptocurrency thefts in US history.
Legal documents obtained by The Straits Times showed that Lam, who turned 20 in 2024, had been living in the US on an expired tourist visa.
Documents filed in a US court showed the then teenager pocketed millions and spent some of the money on himself and his friends.
Among other things, he purchased and gifted a 2024 Mercedes SL and a 2023 Ferrari FS to Jeandiel Serrano.
A year later, Lam and Serrano ended up as co-accused in the Bitcoin theft, where they allegedly stole more than 4,100 bitcoins from a single victim between Aug 18 and 19, 2024.
Lam faces two indictments in the District of Columbia for conspiring to commit wire fraud, and for conspiracy to launder monetary instruments.
Each of the charges carries a maximum jail term of 20 years.
Singapore student
Checks by ST showed Lam had enrolled in Unity Secondary School in Choa Chu Kang in 2017.
But he left soon after, later telling investigators in the US that he had dropped out of school when he was between 13 and 14 years old.
Lam was active online, especially in the gaming community.
He went by the moniker “Greavys” in Minecraft and also used “Anne Hathaway” and “Malone” on various gaming platforms including Discord.
Lam moved to the US in October 2023. He already knew Serrano, an American, by then.
They met online while playing Minecraft and gained notoriety within the community for allegedly looting or stealing other players’ accounts to sell for money.
The authorities there said Lam had travelled on a visa waiver programme, which allows residents of 42 countries, including Singapore, to enter the US for 90 days for business or leisure purposes.
His visa expired in January 2024, but he stayed on illegally. He spent time in Texas and Los Angeles and also travelled to Canada.
While in the US, the gamer from Singapore developed a taste for the “post and boast” lifestyle, a term describing young people who flaunt on social media their expensive cars and clothes, big parties and even larger mansions.
He claimed he was a crypto investor, court documents showed. But in reality, he got rich by hacking and stealing cryptocurrency.
US prosecutor Jonathan Stratton described Lam as a “sophisticated crypto fraudster” when the Singaporean was first produced in a district court in South Florida in September 2024.
In arguing against granting him bail, Mr Stratton said Lam presents two dangers.
“One is, he is obviously a sophisticated cryptocurrency fraudster. He executed one of the most significant cryptocurrency hacks in the country.
“He can do those kinds of hacking from anywhere, and there is no reasonable combination of conditions that pre-trial services can implement that will prevent his ability to further exploit crypto investors throughout the country,” he said.
The prosecutor added that Lam has an inclination to obstruct justice.
“The defendant was tipped off by his co-defendant’s girlfriend and immediately engaged in further criminal activity by deleting his Telegram account and obstructing justice in this investigation,” he said, adding that Lam’s ability to hide electronic evidence is significant.
After his arrest, Lam told investigators in the US that before the heist, he had made millions by engaging in various crypto scams. He said he used the stolen money to support his lifestyle.
Lam, Serrano and their accomplices allegedly hit the jackpot in August 2024, and later divided the stolen funds among themselves.
Lam amassed a fleet of 31 luxury vehicles – including a US$3.8 million Pagani Huayra, a US$1 million Lamborghini Revuelto, and custom Ferraris and Porsches.
A photo from social media showing Malone Lam Yu Xuan and one of his luxury vehicles.
The US authorities say 22 of Lam’s vehicles have yet to be located by law enforcement, including a white Lamborghini he had adorned with his name.
He also rented multiple mansions in Miami, paying US$68,000 in monthly rent on one residence alone, and also acquired multiple luxury watches – one of which was purchased for US$1.8 million.
Prosecutors said that during this period, he became known in the Los Angeles nightclub scene because of the lavish bottle services he demanded.
He even gave handbags valued at tens of thousands of dollars to people he barely knew. Social media influencers created videos detailing how Lam had given them handbags from French fashion house Hermes.
Some influencers have taken to social media to show the free Hermes bags they received from Malone Lam.
On Sept 11, 2024, influencer Skylar Harrison posted a video on TikTok detailing how she ran into Lam at a nightclub called Keys.
While in the club, someone from Lam’s entourage invited her to the section he was in, with the offer of a Hermes handbag.
She added that she witnessed Lam purchasing around US$100,000 worth of alcohol within 10 minutes of meeting her. She said Lam claimed to be the son of a Chinese billionaire.
Investigations revealed that he spent up to US$500,000 per night at nightclubs over the course of a few weeks and, on some occasions, tried to pay in cryptocurrency.
That flashy lifestyle and his vanity contributed to his downfall. Investigators were looking for Lam and they found his name on a banner in a club where he spent hundreds of thousands.
Court documents showed the authorities were watching him.
A prosecutor said government surveillance caught Lam spending hundreds of thousands of dollars in a night.
Lam’s spending spree was also rife on social media platforms, with multiple videos showing him – decked out in designer clothes and jewellery – partying.
A receipt on social media from one of Malone Lam’s spending sprees.
No ties
The game was up after investigators identified Serrano. He was arrested on Sept 18, 2024, at the Los Angeles International Airport, after he returned from a holiday in the Maldives with his girlfriend.
After she was interviewed, Serrano’s girlfriend tipped off Lam – who was already in Miami after travelling from Los Angeles on a private jet.
Investigators said the Singaporean was arrested as he tried to flee. He has been held in detention since his arrest.
Prosecutors said Lam is a flight risk.
He has substantial assets that have yet to be located, which they said provide him with the financial means to flee the jurisdiction.
In September 2024, a Florida judge said Lam seemed to have very little ties to anywhere except Singapore.
“He has lived in Texas, LA, Canada. Just a bit of a rolling stone. No ties to South Florida.
“No other job except his self-admitted job as a crypto investor for the last eight months – and we know what he was doing investing other people’s money, according to the indictment,” the judge said.
On March 7, Lam’s lawyer, Mr Scott Armstrong, filed a notice indicating the Singaporean’s intention to proceed to trial by jury.
In response to queries from ST, Mr Armstrong said: “Mr Lam is currently being held in Virginia pending his trial, which was set for October 2025.”
Lam is also intending to file other “legal attacks”, according to Mr Armstrong’s application.
This will include suppression motions that require the US government to produce meaningful discovery in the case against him.
The lawyer said Lam is also calling for the immediate production of search warrant affidavits and reports relevant to the searches executed in his case in order to prepare his defence.
In an earlier hearing, state prosecutors said that based on the amounts involved in the heist, Lam will likely face between 168 and 210 months’ jail.
At least US$100 million of the stolen Bitcoin remains unaccounted for.
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