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A 20-year-old Singaporean, Malone Lam, has requested a “speedy trial” in a US court, following charges of stealing roughly $230 million in cryptocurrency. Lam appeared before a judge in Washington, D.C., to discuss evidence disclosure during the pre-trial proceedings.
Along with his alleged accomplice, Jeandiel Serrano, Lam is accused of using sophisticated social engineering tactics to deceive a crypto investor and gain unauthorized access to over 4,100 Bitcoin.
US prosecutors have narrated the incident as one of the “largest crypto thefts involving a private individual in US history.” Lam was arrested at Hartsfield-Jackson Atlanta International Airport earlier this year and was subsequently transferred to the Central District of California.
Channel News Asia (CNA) reported that Lam appeared in court on Thursday morning, and it was then he confirmed his understanding of his legal rights to a “speedy trial”—a constitutional guarantee against indefinite trial delays. The judge indicated that Lam’s trial could commence by March or April 2025.
The Scheme And Legal Proceedings
According to court documents, Lam and Serrano allegedly targeted a high-net-worth cryptocurrency investor using deceptive tactics that spanned weeks. The duo reportedly used unauthorized “Google account access” notifications to make their activity appear as foreign attempts to breach the victim’s security.
The elaborate scheme involved calling the victim while posing as Google support representatives, ultimately convincing him to provide security codes. This access allowed Lam to locate and steal cryptocurrency assets stored in the victim’s OneDrive and Gmail accounts.
The scheme extended to impersonating the Gemini cryptocurrency exchange’s security team, persuading the victim to transfer $3 million worth of cryptocurrency to a wallet under Lam’s control.
They then convinced the victim to download a remote desktop connection program, which provided the conspirators with real-time access to his computer. Serrano kept the victim occupied while Lam extracted private keys and transferred over 4,100 Bitcoin.
The stolen funds were used for extravagant purchases, including luxury cars, jewelry, and properties, with Lam reportedly spending up to $500,000 per night at US nightclubs and purchasing 31 luxury vehicles, many of which are still unaccounted for.
Continuing Legal Battle And Potential Sentencing
Lam now faces significant legal challenges, with each count of his charges carrying up to 20 years in prison, substantial fines, or forfeiture of illicit gains, according to the report. He is currently being held at Northern Neck Regional Jail in Virginia.
The US legal proceedings have focused on evidence sharing and discovery, including encrypted communications and other digital evidence tied to the alleged theft.
The defendants are due back in court in January 2025 for further pre-trial proceedings. The report noted:
He will return to the DC court on Jan 9, 2025 when he and his co-defendant Jeandiel Serrano are scheduled for another pre-trial hearing. The judge could set a date for their trials at that hearing.
Featured image created with DALL-E, Chart from TradingView
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