Who Is the Twenty-Something Man Who Blew $800,000 a Day on Ferraris and Hermes Bags in Nightclubs?

Singaporean Stole 4,100 Bitcoins in the U.S.
Owned 30 Luxury Cars, Lived Lavishly in Miami

A man in his 20s from Singapore, who flaunted his wealth by driving 30 luxury cars and handing out designer bags at nightclubs, admitted in a U.S. court to stealing Bitcoin worth around 300 billion won.

According to NBC, CNN, and other sources on September 9 (local time), the U.S. Department of Justice announced that Singaporean Malone Lam, who was indicted as the main perpetrator in a 245 million dollar (approximately 328 billion won) cryptocurrency fraud case, appeared in federal district court in Washington, D.C. the previous day and pleaded guilty. Lam is one of 18 defendants indicted in this case. Following additional trials, he could face up to 30 years in prison.

This case is considered the largest cryptocurrency theft in U.S. history. Lam dropped out of middle school in Singapore and moved to the U.S. in 2023. Shortly after, his visa expired, but he continued living in the country. He is accused of conspiring with acquaintances he met through an online gaming platform and defrauding a Washington, D.C. resident in August 2024, stealing 4,100 Bitcoins.

Lam and two accomplices allegedly posed as Google Cloud employees and employees of the U.S. crypto platform Gemini to approach the victim. They deceived the victim by claiming there had been an "unauthorized attempt to access the account," and once the victim was misled, they successively obtained access to the victim's Google Cloud account, personal computer, and private key for their Bitcoin wallet, ultimately stealing 4,100 Bitcoins.

Afterwards, they enjoyed a lavish lifestyle in Los Angeles and Miami but were arrested by the Federal Bureau of Investigation (FBI) in September 2024, just a month after the crime.

Lam rented a luxury house in Miami and purchased over 30 high-end cars, including Porsche, Lamborghini, and Ferrari models. At his home, the FBI found luxury watches worth over 500,000 dollars and thousands of dollars' worth of designer clothing. Lam also squandered millions of dollars at nightclubs. For example, at a nightclub in Los Angeles, he spent 569,000 dollars (about 760 million won) in a single night. On that occasion, Lam purchased several Hermes Birkin bags, each costing tens of millions of won, and threw them to attendees during a nightclub party.

This content was produced with the assistance of AI translation services.