Singapore Student Nabbed In U.S. For $320-M Crypto Heist

In just seven years, Malone Lam Yu Xuan went from being a secondary school student in Choa Chu Kang, Singapore, to earning the title of "crypto whizz-kid" in the US in 2023.

Lam, along with Jeandiel Serrano and other accomplices, pulled off the theft in August 2024 and later divided the stolen funds. I Photo: Broward Sheriff's Office

Many were astonished by the 19-year-old’s extravagant lifestyle—owning mansions, a fleet of luxury cars, and designer clothes—Andrew Wong reported for The Straits Times.

However, Lam later admitted to US investigators that his lavish spending was funded by millions in stolen cryptocurrency. In August 2024, he played a key role in the theft of Bitcoin worth over $240 million (S$320 million), one of the largest crypto heists in US history.

Documents obtained by The Straits Times revealed that Lam, who turned 20 in 2024, had been living in the US on an expired tourist visa. Lam, along with Jeandiel Serrano and other accomplices, pulled off the theft in August 2024 and later divided the stolen funds.

He acquired 31 luxury vehicles, including a US$3.8 million Pagani Huayra, a $1 million Lamborghini Revuelto, and customized Ferraris and Porsches.

US officials reported that 22 of Lam’s vehicles remain unaccounted for, including a white Lamborghini customized with his name. He also rented mansions in Miami, paying as much as $68,000 per month for one property, and splurged on luxury watches—one of which cost $1.8 million.

Lam and Serrano have been charged as co-conspirators in the theft, which involved stealing over 4,100 bitcoins from a single victim between August 18 and 19, 2024.

Lam faces two indictments in the District of Columbia: conspiracy to commit wire fraud and conspiracy to launder monetary instruments. Each charge carries a maximum sentence of 20 years in prison.