Singaporean national Malone Lam, accused of orchestrating one of the largest cryptocurrency thefts in U.S. history, will stand trial on October 6, 2025, in Washington, D.C.

His trial date was confirmed after a court appearance on March 7, where he wore a green prison jumpsuit. Lam, who had previously requested a "speedy" legal process, faces charges related to the theft and laundering of US$230 million worth of cryptocurrency.

Assistant U.S. Attorney Kevin L. Rosenberg indicated that prosecutors expect to file a new indictment within the next 30 to 45 days, with the trial projected to last about two weeks. His defense attorney, Scott Armstrong, stated that Lam "looks forward to exercising his right to trial by jury."

Currently held in a Virginia prison, Lam will have multiple pre-trial hearings, during which he can enter a formal plea.

The Alleged Crypto Heist

Lam and his accomplice, 21-year-old Jeandiel Serrano from Los Angeles, are accused of stealing 4,100 Bitcoin from a high-net-worth investor by posing as a Google support team. U.S. prosecutors have described it as "one of the largest cryptocurrency thefts from a private individual in U.S. history."

According to the indictment, Lam and Serrano used sophisticated social engineering tactics. In the week leading up to the theft, they sent fraudulent "unauthorized Google account access" notifications to the victim, masking their location with VPNs and proxy services.

On August 18, 2024, they allegedly called the victim, claiming to be Google support agents responding to a security breach. They convinced the victim to provide authentication codes, allowing them access to the victim’s OneDrive and Gmail accounts, where they located cryptocurrency assets.

They further tricked the victim into transferring US$3 million in cryptocurrency to Lam’s controlled wallet before persuading him to install a remote desktop program. This gave Lam and Serrano real-time access to the victim’s computer. While Serrano distracted the victim on the phone, Lam allegedly used stored security keys to steal over 4,100 Bitcoin.

Prosecutors believe the evidence includes a hard drive, online chat records, and Lam’s smartphone. Serrano did not appear in the most recent court hearing.

Lavish Spending Spree

Following the theft, Lam and Serrano allegedly indulged in an extravagant lifestyle, spending hundreds of thousands of dollars at luxury nightclubs and purchasing high-end assets.

Los Angeles nightclub managers reported that Lam regularly spent between US$400,000 and US$500,000 per night. A receipt showed a single night’s spending of US$569,528.39, including US$38,500 for 55 bottles of Grey Goose vodka, US$72,000 for 48 bottles of Ace of Spades Brut champagne, and US$300 for five buckets of Red Bull.

Lam also splurged on luxury homes, dozens of high-end vehicles—including customized Lamborghinis, Ferraris, and Porsches—and rare designer watches. At the time of his arrest, Serrano was wearing a US$500,000 watch, while Lam had acquired a US$2 million timepiece and a Lamborghini Revuelto for over US$1 million.

Social media videos showed Lam gifting Hermes Birkin bags to models and influencers during his lavish outings. He operated under the online aliases “Anne Hathaway” and “$$$.”

U.S. investigators confirmed that Lam admitted to purchasing 31 luxury automobiles. Authorities have so far managed to recover or freeze approximately US$70 million, but more than US$100 million remains unaccounted for.

The Laundering Operation

Authorities allege that Lam and Serrano laundered the stolen cryptocurrency through a complex network of mixers, exchanges, and virtual private networks. The funds were moved using techniques such as "peel chains" and pass-through wallets to obscure their origins.

They allegedly spent the laundered money on international travel, real estate, jewelry, and luxury cars. Prosecutors revealed that Lam admitted to purchasing 31 luxury automobiles, with 22 still unrecovered, including a Pagani Huayra worth US$3.8 million.

By October 2024, authorities had managed to recover or freeze approximately US$70 million. However, over US$100 million remains unaccounted for. Court filings also indicate that Serrano had US$20 million in stolen Bitcoin on his phone, which he agreed to return to the FBI.

Legal Consequences

If convicted, Lam faces up to 20 years in prison for each charge, a fine of up to US$250,000, or twice the amount he gained from the scam. His high-profile case continues to unfold, with further developments expected in the coming months.