SINGAPORE (ANN/THE STRAITS TIMES) – In a matter of just seven years, Malone Lam Yu Xuan went from being a secondary school student in Choa Chu Kang to earning a reputation in the US as a “crypto whizz-kid” in 2023.
His extravagant lifestyle left many stunned, as the 19-year-old flaunted multimillion-dollar mansions, a fleet of luxury cars, and high-end designer fashion.
However, Lam’s wealth was not the result of savvy investments. According to statements he later made to US investigators, his fortune stemmed from millions in cryptocurrency fraudulently obtained from unsuspecting investors.
That was before August 2024, when he allegedly orchestrated the theft of over 4,100 bitcoins—valued at more than USD240 million—in what has been described as one of the largest cryptocurrency heists in US history.
Legal documents obtained from court filings revealed that Lam, who turned 20 in 2024, had been residing in the US on an expired tourist visa. Despite his illegal status, he led a life of excess, splurging on luxury vehicles, designer goods, and high-end real estate.
Among his extravagant purchases were a 2024 Mercedes SL and a 2023 Ferrari FS, one of which he gifted to his associate Jeandiel Serrano. The two later became co-defendants in the Bitcoin theft, which allegedly took place between August 18 and 19 2024.
Lam now faces two federal indictments in the District of Columbia—one for conspiracy to commit wire fraud and another for conspiracy to launder monetary instruments. Each charge carries a potential sentence of up to 20 years in prison.
Checks revealed that Lam had been a student at Unity Secondary School in Choa Chu Kang in 2017, but he left shortly after. He later told US investigators that he had dropped out of school between the ages of 13 and 14.
Much of his time was spent in online gaming communities, where he was known by usernames such as “Greavys” in Minecraft and “Anne Hathaway” or “Malone” on platforms like Discord.
By October 2023, he had relocated to the US, where he already had connections. Lam had met Serrano, an American, through Minecraft, and the two allegedly built a reputation for hacking and selling stolen gaming accounts.
Authorities confirmed that Lam had entered the US on a visa waiver programme, which allows citizens of 42 countries, including Singapore, to visit for up to 90 days for business or leisure.
His legal stay ended in January 2024, yet he remained in the country illegally, moving between Texas, Los Angeles, and even making trips to Canada.
While in the US, Lam embraced the “post and boast” culture—where young individuals flaunt their wealth on social media through displays of luxury, lavish parties, and extravagant purchases. He claimed to be a cryptocurrency investor, court documents revealed, but in reality, he amassed his wealth through illicit hacking and fraud.
US prosecutor Jonathan Stratton described Lam as a “sophisticated crypto fraudster” when he first appeared in a South Florida district court in September 2024.
Arguing against bail, Stratton highlighted the dangers Lam posed.
“He executed one of the most significant cryptocurrency hacks in the country,” the prosecutor said. “He can commit such crimes from anywhere, and there are no conditions that would prevent him from continuing to exploit investors.”
Stratton also accused Lam of attempting to obstruct justice, citing how he deleted his Telegram account after being tipped off about the investigation.
Following the August 2024 heist, Lam allegedly divided the stolen Bitcoin among his associates. His personal fortune allowed him to acquire 31 luxury vehicles, including a USD3.8 million Pagani Huayra, a USD1 million Lamborghini Revuelto, and a range of custom Ferraris and Porsches.
Authorities say 22 of these vehicles remain unaccounted for, including a white Lamborghini customised with his name.
Beyond cars, Lam rented multiple high-end properties, at one point paying USD68,000 per month for a mansion in Miami. His collection of luxury watches included one valued at USD1.8 million.
Lam’s extravagant spending extended to the nightclub scene, where he became known for excessive bottle-service purchases. Prosecutors reported that he spent up to USD500,000 per night at various clubs, sometimes attempting to pay in cryptocurrency.
On September 11, 2024, social media influencer Skylar Harrison shared a TikTok video recounting an encounter with Lam at a nightclub called Keys. She claimed that within 10 minutes of meeting him, he had spent USD100,000 on alcohol and even gifted her a handbag from French luxury brand Hermès.
Investigators noted that his relentless need to flaunt his wealth played a role in his downfall. While authorities were searching for him, they identified his name on a banner at one of the clubs where he had spent hundreds of thousands.
Law enforcement eventually tracked down his associate, Serrano, who was arrested on 18 September 2024 at Los Angeles International Airport after returning from a holiday in the Maldives. Following an interview with investigators, Serrano’s girlfriend alerted Lam, who was in Miami at the time, having travelled there via private jet.
Authorities say they apprehended Lam as he attempted to flee. Since his arrest, he has remained in custody, with prosecutors arguing that he poses a flight risk due to his significant undiscovered assets.
During a hearing in Florida, a judge remarked that Lam appeared to have no real ties to the US outside of his self-professed job as a “crypto investor.”
“He has lived in Texas, LA, Canada. Just a bit of a rolling stone. No ties to South Florida,” the judge observed.
On March 7, 2025, Lam’s lawyer, Scott Armstrong, filed a notice indicating his client’s intention to proceed with a jury trial, which has been scheduled for October 2025.
Armstrong has also signalled plans to challenge aspects of the prosecution’s case, including motions to suppress certain evidence and requests for full disclosure of search warrant affidavits.
Despite the ongoing legal proceedings, at least USD100 million of the stolen Bitcoin remains unaccounted for.
Prosecutors estimate that if convicted, Lam could face a prison sentence ranging from 14 to 17.5 years.
As authorities continue their efforts to recover stolen assets, Lam’s high-flying lifestyle has come crashing down, exposing the dark reality behind his meteoric rise in the world of cryptocurrency.
