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A 20-year-old Singaporean man named Malone Lam is facing serious charges in the United States. He allegedly stole and laundered US$230 million in cryptocurrency. Along with his accomplice Jeandiel Serrano, is accused of executing one of the largest thefts of crypto from an individual in US history.
They reportedly stole over 4,100 Bitcoins (BTC) from a wealthy investor by pretending to be Google support employees. The legal complaint against Lam and Serrano expressed interest in reaching a plea deal within 60 days. They aim to settle the case without going to trial. Court documents also revealed the intricate plan to carry out the theft and how they spent the stolen funds.
The scam started with careful planning such as looking for active high net-worth crypto investors. After looking for the best target, Lam and Serrano pretended to be among Google's support team who falsely claimed that there had been suspicious activities on the victim’s account. To solidify their plans, they sent unauthorised access notifications, creating a false sense of urgency.
They also convinced the victim to share security codes which were used to access his OneDrive and Gmail accounts in search for more crypto assets. The suspects also used proxy and VPN services to hide their identity, setting the stage for their scam. This is one of the reasons why even at trusted sites like Stake casino, it is still best to be cautious at all times.
During this breach, Lam discovered records from the Gemini crypto exchange. To further manipulate the victim, they devised a plan for one of them to pose as a member of Gemini’s security team. They claimed that the victim's accounts were at risk, leading him to transfer around US$3 million worth of crypto into a wallet controlled by Lam.
The crooks then convinced the victim to install a remote desktop connection program, claiming it was for his security. This software allowed Lam and Serrano to gain real-time access to the victim's computer. While Serrano kept the victim occupied, Lam used the access keys to steal BTC.
How did Lam spend his wealth after the heist?
After the successful heist, Lam showcased his wealth in extravagant ways. Reports showed that he was often seen in Los Angeles nightclubs, spending between US$400,000 to US$500,000 per night. What's even worse is that he spent over US$569,000 in a night.
Lam’s lavish spending also included the purchase of luxury vehicles, he reportedly acquired 31 high-end cars, such as Lamborghinis, Ferraris, and Porsches, some costing around US$3 million. As of September 24, 2023, 22 of these vehicles were still missing.
Lam's spending spree didn't stop at cars. He rented multiple luxury homes in Miami, one on Hibiscus Island with a monthly rent of US$68,000. His Miami lifestyle involved partying at nightclubs and buying expensive jewellery.
This case highlights the openness in the crypto world and serves as a warning for investors. As they become more popular, scammers are using advanced tactics to take advantage of individuals. In a world where platforms like Stake Casino offer secure ways to enjoy crypto, it's essential to stay informed and cautious about potential risks.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
