US trial postponed for S'porean man, 20, who allegedly stole S$297 million in Bitcoin

The U.S. trial for a 20-year-old Singaporean, Malone Lam, who allegedly stole US$230 million (S$297 million) in Bitcoin, has been postponed.

According to CNA, who spoke to the U.S. prosecutor's office, the trial was postponed as they "superseded with 11 more defendants and an additional RICO Conspiracy count."

The Racketeer Influenced Corrupt Organisations (RICO) charge is a U.S. federal law designed to combat organised crime.

Lam's trial was scheduled to begin on Oct. 6, but it was delayed at the last minute.

The spokesperson for the prosecutor's office told CNA that a status conference is scheduled for the end of October 2025 and that they anticipate the trial date to be set at that hearing.

Arrested by FBI

Lam was arrested on Sep. 18 in Los Angeles, California, by the Federal Bureau of Investigation (FBI) for conspiring to steal and launder over US$230 million in cryptocurrency from a person in Washington, D.C.

Lam is among 13 people charged in Washington, D.C., for their role in the wide-ranging conspiracy to identify victims who held cryptocurrency, steal those assets and then launder the proceeds.

The group became friends via online gaming platforms.

On August 18, 2024, Lam and his conspirators allegedly contacted a victim, and through communication with the victim, they allegedly fraudulently obtained over 4,100 bitcoins, worth over US$230 million (S$296 million) at the time, according to the FBI.

They allegedly did this by fraudulently gaining access to the victim's cryptocurrency accounts and then transferring the funds into their own accounts.

They are accused of having laundered the proceeds, which involved moving the funds through various mixers and exchanges using “peel chains”, pass-through wallets, and virtual private networks (VPNs) to mask their true identities.

Splurged on luxury goods and services

Lam and his other conspirators 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 group that 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, as well as private jet rentals, along with a team of private security guards, it was noted.

A crime ring

In May 2025, Lam and the 12 others were charged under the 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 a defendant in the new superseding indictment.

Two of the suspects 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 indictment also stated that one of the 21-year-old defendants is accused of assisting members of the ring in converting 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, with a home in New Mexico was broken into, and a virtual currency wallet hardware stolen.

Birkin bag for girlfriend

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