This 20-year-old young man executed one of the largest personal thefts in history.
His name is Malone Lam.
In August 2024, he defrauded a victim of 4,100 bitcoins and used the money to buy 31 supercars.
Here’s the simple method he used: 🧵
20-year-old Singaporean Malone Lam and his accomplice Jandiel Serrano stole $230 million worth of cryptocurrency from an anonymous victim a few months ago, after which both were arrested.
How did it happen?
The scammer first triggered an "unauthorized Google account access" notification through technical means, alerting the victim to the anomaly.
A few days later, Malone impersonated a Google employee and called the victim, inquiring about the details of the "unauthorized access."
After multiple communications, he manipulated the victim step by step, obtaining enough information to successfully access the victim’s Google Drive.
In Google Drive, they discovered the victim’s personal information, including details of their cryptocurrency assets on the Gemini platform.
Subsequently, his accomplice Jandiel posed as an employee of the Gemini platform and contacted the victim again.
Jandiel successfully convinced the victim to download a software that was supposedly meant to "protect cryptocurrency assets."
The scammers used this software to steal the victim’s private keys and made off with up to 4,100 bitcoins.
At the time, the total value of these bitcoins was as high as $230 million.
The two then laundered the stolen money through multiple cryptocurrency exchanges and mixing services.
So how were they caught?
Malone Lam began to indulge in a spending spree with his share of the stolen money.
He spent lavishly on the streets of Los Angeles, blowing $569,000 in one night at a nightclub!
He even gifted several ladies 5 Hermes Birkin bags at the nightclub.
Court documents reveal that he purchased 31 supercars, a $2 million watch, and rented multiple luxury apartments in Los Angeles and Miami.
Ultimately, he was arrested while flying on a private jet from Los Angeles to Miami.
