SINGAPORE, Oct 24 — Twenty-year-old Malone Lam has been charged in the US with conspiracy to commit wire fraud and money laundering after allegedly stealing and laundering US$230...
How 20-year-old Singapore an Malone Lam and his co-conspirators allegedly stole US$230 million in cryptocurrency and went on a spending spree
They requested about 60 days to continue plea negotiations and will inform the court if a deal is reached before the deadline, reportedCourt filings unsealed earlier this month detailed how Lam and Serrano, 21, from Los Angeles, allegedly carried out the scam and how they spent the money. The pair ultimately convinced the victim to provide the security codes to his account, before Lam allegedly accessed the victim’s OneDrive and Gmail accounts to locate the cryptocurrency assets.
They asked the victim to download a remote desktop connection program which gave Lam and Serrano real-time access to the victim’s computer where the latter allegedly manipulated the victim into opening several files, including those with private keys to over 4,100 bitcoin which Lam used to steal the bitcoin.
“Government surveillance captured at Los Angeles nightclubs spending hundreds of thousands of dollars per night, and gifting handbags valued at tens of thousands of dollars,” a law enforcement officer told the court, according to court documents. Serrano was arrested at Los Angeles International Airport on September 18 when he arrived home from a holiday in the Maldives with his girlfriend.
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