Bitcoin theft: S'porean Malone Lam, 20, allegedly bought Birkin bags for girlfriend after being arrested

A 20-year-old Singaporean man, Malone Lam, was one of the 13 people charged in Washington, D.C. for their role in a wide-ranging conspiracy to identify victims who held cryptocurrency, steal those assets, and then launder the proceeds.

More than US$265 million (S$343 million) in crypto was stolen from the victims, according to CNBC.

The group became friends via online gaming platforms.

Singaporean's role in alleged theft

Lam was previously arrested and charged in connection with the largest of those thefts, which netted about 4,100 bitcoin worth over US$230 million (S$298 million) from a man in District of Columbia in August 2024.

The youth allegedly used the ill-gotten proceeds to buy more than 30 exotic cars, including Ferraris, Lamborghinis, Mercedes G Wagons, a Rolls Royce, a Mclaren, and a Pagani, as well as a US$2 million watch.

The Singaporean used to study at Unity Secondary School in Choa Chu Kang, but apparently dropped out by the time he turned 14 and spent time playing games online.

He moved to the United States in October 2023.

He knew Jeandiel Serrano, a co-accused, before leaving Singapore.

Lam had allegedly been living in the U.S. on an expired tourist visa.

The group who allegedly committed the heist was also said to have splurged on nightclub services ranging up to US$500,000 per evening.

They also bought luxury handbags valued in the tens of thousands of dollars that were given away at nightclub parties, as well as luxury watches valued between US$100,000 and US$500,000, the U.S. Attorney’s Office in Washington said in a statement.

The spending spree also included rental homes in Los Angeles, the Hamptons, and Miami, private jet rentals, as well as a team of private security guards, it was noted.

Developments in prosecution of suspects

The latest indictment sees 12 men and Lam charged under the Racketeer Influenced and Corrupt Organisations (RICO) Act.

The charges also include, conspiracy to commit wire fraud, conspiracy to launder monetary instruments, and obstruction of justice, according to CNBC.

Serrano, Lam’s co-defendant in the original indictment related to the heist, has now been named as a "co-conspirator" instead of defendant in the new superseding indictment.

Two of the men involved, Hamza Doost and Kunal Mehta, were arrested in mid-May in California, according to court filings, which alleged they were involved in money laundering for the ring.

Most of those named are believed to have been arrested around the U.S. in the past several days.

Mehta, a 45-year-old who lives in Irvine, California, is the oldest defendant identified by name.

The other named defendants are aged 18 to 22 years old.

Two defendants are identified only by nicknames.

The second biggest theft the ring allegedly committed was of US$14 million in cryptocurrency from one victim.

The new indictment also said one of the 21-year-old defendants helped members of the ring in changing stolen virtual currency into cash and shipping the currency across the U.S. by hiding the funds in squishmallow stuffed animals.

Each stuffed toy contained approximately "US$25,000 (S$32,350) apiece".

Lam and another defendant, Conor Flansburg, 20, of Newport Beach, California, were identified as organisers of the alleged scheme.

The crime ring also allegedly committed home burglaries.

A victim’s home in New Mexico was allegedly broken into and a virtual currency wallet hardware was stolen.

Lam's antics

Before Lam's arrest in September 2024, he was allegedly tipped off that the authorities were coming for him, the new indictment indicated.

The Singaporean then “walked to the rear of his Miami rental home and dropped his mobile telephone off the boat dock and into Biscayne Bay to destroy incriminating evidence,” the indictment alleged.

After his arrest in September and while being held without bail, Lam was alleged to have continued working with members of the ring to pass and receive directions, and collect stolen cryptocurrency.

The members also allegedly bought luxury Hermes Birkin bags and hand delivered them to his girlfriend in Miami, Florida.

Lam’s defense attorney, Scott Armstrong, told CNBC, “Mr. Lam is 20 years old and has no criminal history.”

“He is unfortunately caught up in a very complicated case. We will vigorously defend him,” Armstrong said.

Top photos via U.S. authorities & Malone Lam