Singaporean Malone Lam Charged Again in $263M Cryptocurrency Theft
Singaporean Malone Lam has been further charged by the U.S. Department of Justice (DOJ) for his alleged role in a massive cryptocurrency theft conspiracy. The DOJ alleges that Lam and his associates stole over $263 million in cryptocurrency, which they spent on a lavish lifestyle.
The alleged scheme began in October 2023 and involved tactics such as database hacking, social engineering, and home break-ins. Lam gained unauthorized access to a victim's account and transferred approximately 4,100 Bitcoin, worth around $230 million at the time. The DOJ alleges that Lam and his associates spent the stolen cryptocurrency on high-value nightclub services, luxury goods, rental homes, private jet rentals, and exotic cars.
A superseding indictment from the DOJ has charged 12 additional individuals for their alleged involvement in the conspiracy. Several individuals were arrested in California, while two remain abroad and are believed to be living in Dubai, identified as Aimen Mir and Faizal Edroos. Despite his arrest in September 2024, Lam continued to be involved with the criminal enterprise. He is accused of directing the transfer of stolen cryptocurrency and arranging for luxury goods to be delivered to his girlfriend in Miami, Florida, while in pre-trial detention.
The DOJ's indictment highlights the growing threat of cyber-enabled crimes and the international nature of such conspiracies. Lam's continued involvement in the enterprise while in detention underscores the need for robust measures to prevent further criminal activity.
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