20-year-old arrested for $230 million Bitcoin theft; spent millions on luxury cars, parties

A 20-year-old from Singapore, Malone Lam, and his 21-year-old American partner, Jeandiel Serrano, were charged with stealing over 4,100 Bitcoin worth around $230 million from a crypto holder in Washington, D.C., in August 2024.

After the theft, they went on a wild spending spree, buying over 30 luxury cars, including Lamborghinis, Ferraris, and Porsches. Lam reportedly spent up to $500,000 a night at clubs in Los Angeles, with one bill reaching $569,000.

The two also gifted expensive Hermès Birkin bags to models and influencers.

Their extravagant lifestyle and social media posts eventually caught the attention of authorities. In September 2024, the FBI raided a Miami mansion linked to Lam, leading to their arrests.

By October 2024, around $70 million had been recovered, but more than $100 million was still missing. If convicted, they could face up to 20 years in prison along with heavy fines.