A man allegedly stole $230 million in Bitcoin through a terrifying method and spent the stolen money buying 31 luxury supercars.
A young man named Malone Lam is at the center of a huge scandal involving the theft of $230 million in Bitcoin.
This case has shocked many people because of the amount of money involved and the way the crime was carried out.
Lam, who is only 20 years old, is accused of being one of the biggest cryptocurrency thieves in U.S. history.
Malone Lam overstayed his visa and committed fraud.
Malone Lam is originally from Singapore. He had been living in the United States after overstaying his tourist visa.
This allowed him to stay in the country for 90 days, but he stayed longer.
According to court documents, Lam’s actions are considered one of the largest thefts of cryptocurrency from an individual in the United States.
Man accused of stealing $230M in Bitcoin and splurging on 31 luxury cars
Prosecutors allege the theft started on August 18.
He reportedly took $230 million in cryptocurrency from a man in Washington, with $100 million still missing.
Prosecutors claim that Lam used a series of scams and tricks to gain access to the victim’s financial information.
After the theft, Lam reportedly spent lavishly on luxury items, including 31 supercars and and a $2 million watch.
How does the scam work?
Lam and his accomplices targeted their victim because they believed he had a large amount of Bitcoin.
They found him through online channels and created a plan to deceive him.
One of the scammers sent a fake notification that made it look like there was unauthorized access to the victim’s Google account.
This fake alert led to a call from someone pretending to be from Google’s security team.
They convinced the victim to provide information that allowed the scammers to access his Google
Drive, where they could find financial details linked to his cryptocurrency accounts.
They gained access to the victim’s Bitcoin.
After gaining access to the victim’s information, the group went a step further.
They called the victim again, with one of them pretending to be from the support team of a cryptocurrency exchange.
During this call, they tricked the victim into downloading software that gave them real-time access to his computer.
While the victim was distracted, the scammers quickly stole his Bitcoin.
They divided the stolen cryptocurrency among themselves.
Lam reportedly deposited $29 million in different accounts while law enforcement searched for them.
The man splurged the scam money on 31 luxury cars
Following the theft, Lam did not hide his spending habits.
He was seen spending hundreds of thousands of dollars at nightclubs in Los Angeles and Miami.
He also purchased a collection of luxury cars, including Lamborghinis, Ferraris, and Porsches.
Some of these cars were extremely expensive, with one Pagani Huayra costing $3.8 million.
Despite the lavish lifestyle he was leading, many of his cars have not been found by the police.
Prosecutors have mentioned that over 22 of the 31 vehicles he admitted to buying remain unaccounted for.
Both suspects were arrested and charged.
Lam was eventually arrested in Miami after flying there on a private jet from Los Angeles.
He was found to be renting multiple homes in the area.
Along with Lam, another suspect named Jeandiel Serrano was also arrested.
Both men are facing serious charges, including conspiracy and money laundering.
During their arrest, Serrano was wearing a $500,000 watch, highlighting their extravagant lifestyles funded by crime.
Both suspects are currently being held without bail and have admitted to their involvement in the thefts.