Singapore National Malone Lam Yu Xuan to Face Trial for Bitcoin Heist

Singapore national Malone Lam Yu Xuan will face trial in connection to a Bitcoin heist worth $240 million (S$320 million). According to authorities, this heist remains one of the largest in the country’s history.

Reports indicate that Malone Lam Yu Xuan transformed from a student at a secondary school in Choa Chu Kang, Singapore, to being regarded as a crypto prodigy in the United States by 2023. During this time, he flaunted a mansion, luxury cars, high-end clothing, and other assets comparable to top global celebrities.

Investigators claim that Lam was living off the millions he had stolen from various investors. Prior to August 2024, he allegedly collaborated with co-conspirators to execute one of the largest thefts in U.S. history.

Singapore Student to Face Trial for Crypto Theft

Court documents reveal that Lam was living in the U.S. on an expired visa, having turned 20 last year. The documents further state that, as a teenager, he pocketed millions from the theft, spending extravagantly on himself and friends. Notably, he gifted a 2023 Ferrari FS and a 2024 Mercedes SL to his friend Jeandiel Serrano.

Image of Lam partying and gifting a luxury bag.

A year after purchasing the luxury vehicles, Lam and Serrano were accused of stealing about 4,100 Bitcoins from a single victim between August 18 and 19. Lam faces two counts of indictment in the District of Columbia for conspiracy to commit wire fraud and conspiracy to launder monetary instruments, with each charge carrying a maximum sentence of 20 years.

Authorities revealed that Lam began attending Unity Secondary School in 2017 but dropped out around the age of 13. He was an active participant in the gaming community, using aliases like ‘Greavys’ in Minecraft and others like ‘Anne Hathaway’ and ‘Malone’ on various gaming platforms, including Discord.

U.S. Authorities Investigate Unfolding Atrocities

Reports confirm that Lam relocated to the United States in October 2023 but had gained a friendship with Serrano, an American citizen, prior to his move. The duo had built a reputation in the online gaming community for allegedly stealing players’ accounts to sell for cash. Lam entered the U.S. under a visa waiver program but overstayed when his visa expired in January 2024. During his time in the U.S., he developed a lavish lifestyle, showcasing expensive cars, high-end clothes, and extravagant parties funded by his thefts.

During a hearing in September 2024, U.S. Prosecutor Jonathan Stratton labeled Lam a “sophisticated crypto fraudster,” arguing against bail due to the threat he posed for further exploitation of crypto investors. Stratton noted Lam had made attempts to obstruct justice, including deleting his Telegram account after being tipped off by Serrano’s girlfriend.

The investigation intensified when authorities identified Serrano, who was arrested at Los Angeles airport in September 2024. Following his arrest, Lam attempted to flee but was detained.

Lifestyle of Luxury Uncovered

Post-arrest, Lam confessed to being involved in multiple crypto scams that allowed him to amass wealth. His stolen riches funded a lavish lifestyle, during which he accumulated 31 luxury vehicles, including a $3.8 million Pagani Huayra and a $1 million Lamborghini Revuelto. Authorities confirmed there are still 22 luxury vehicles belonging to Lam yet to be located.

In addition to expensive cars, Lam rented several mansions, one costing $68,000 monthly in Miami. His spending habits included purchasing a luxury watch for about $1.8 million and actively participating in Los Angeles nightlife, known for his penchant for bottle service.

In a TikTok video, influencer Skylar Harrison described being invited to join Lam’s entourage in exchange for a Hermes bag and witnessed him spending $100,000 on drinks in mere minutes after their meeting.

Investigations revealed that Lam spent over $500,000 at nightclubs in a week, often attempting to pay partly in cryptocurrency. His extravagant lifestyle, heavily documented on social media, ultimately contributed to his capture as investigators sought him based on his online presence and spending.

Currently, Lam is detained in Virginia, with his lawyer, Scott Armstrong, stating that his trial is set for October 2025. Armstrong indicated that Lam plans to file legal challenges, seeking discovery from the U.S. government relevant to the case against him. Prosecutors have suggested that Lam could face between 168 and 210 months in prison due to the extensive nature of the theft, with around $100 million in stolen Bitcoin still unaccounted for.