SINGAPORE: Singaporean Malone Lam Yu Xuan first made the headlines in September 2024, after he was arrested by the FBI. He was quickly charged with being the ringleader of a group that stole US$230 million (S$297 million) worth of cryptocurrency.
Together with an associate, Lam, then only 20, went on a spending spree in Los Angeles and Miami, buying sports cars, jewellery, spending evenings in nightclubs, and renting luxury flats, until the authorities caught up with them.
He is currently in custody in the United States and is facing serious federal criminal charges. He may be looking at a hefty fine and decades in jail.
Local boy
Lam was born on Jul 19, 2004, and attended Unity Secondary School in Choa Chu Kang in 2017. He left school without finishing the secondary level and focused instead on online gaming communities and cryptocurrency trading.
In 2023, he moved to the United States.
Cryptocurrency theft, money laundering
In the US, Lam, who was sometimes known under the aliases “Anne Hathaway” and “$$$,” led a group of 14 young men who met via online gaming. This group is said to have stolen and laundered millions of dollars in cryptocurrency.
For example, a single victim is said to have lost over 4,100 Bitcoin, which was initially valued at around US$230 million. From another, they were able to steal US$14 million (S$18 million).
Except for one member, Lam and his group were all between the ages of 18 and 22. For more than one and a half years, they hacked websites and servers to steal databases, looking for victims with the most crypto assets. They then carried out social engineering schemes, pretending to be security professionals and urging these “clients” to get better protection.
After the crypto assets were stolen, they were then laundered through conversion to US dollars through wire transfers or bulk cash shipments.
After Lam and his associate were arrested, the 12 others went on to spend US$4 million (S$5.16 million) at nightclubs and US$9 million (S$11.6 million) on vehicles, until the FBI caught up with them.
During that time, Lam continued to work with the group, including having some of them buy and hand-deliver Birkin bags to his girlfriend in Miami.
What’s next?
Lam is still awaiting trial in the US and is still in the motions phase. Prosecutors, however, have offered Lam a plea deal, though the details have not been disclosed.
He has been charged under multiple federal statutes, which include Racketeer Influenced and Corrupt Organizations (RICO) conspiracy, wire fraud, and money laundering, all of which carry severe penalties, including perhaps millions in fines, forfeiture of assets, jail time, and even deportation to Singapore. /TISG
