Singaporean Malone Lam is 20 years old required A “speedy trial” in a US court, after accusations of stealing nearly $230 million in cryptocurrencies. Lam appeared before a judge in Washington, D.C., to discuss the disclosure of evidence during pre-trial proceedings.
Along with his alleged accomplice, Jandel Serrano, Lam was accused of using sophisticated social engineering methods to deceive a cryptocurrency investor and gain unauthorized access to more than 4,100 bitcoins.
US prosecutors have recounted the incident as one of the “largest cryptocurrency thefts involving a private individual in US history.” Lam was arrested at Hartsfield-Jackson Atlanta International Airport earlier this year and subsequently transported to the Central District of California.
Lam appeared in court on Thursday morning, whereupon he asserted his understanding of his legal rights to a “speedy trial” — a constitutional safeguard against delaying the trial indefinitely, Channel News Asia (CNA) reported. The judge indicated that Lam’s trial could begin by March or April 2025.
Scheme and legal procedures
According to court documents, Lam and Serrano allegedly targeted a high-net-worth cryptocurrency investor using deceptive tactics that spanned weeks. The duo reportedly used unauthorized “Google Account Access” notifications to pass off their activity as foreign attempts to compromise the victim’s security.
The detailed scheme involved contacting the victim while pretending to be Google support representatives, and eventually convincing them to provide security codes. This access allowed Lam to identify and steal cryptocurrency assets stored in the victim’s OneDrive and Gmail accounts.
The scheme extended to impersonating the security team of the Gemini cryptocurrency exchange, and convincing the victim to transfer $3 million worth of cryptocurrency to a wallet under Lam’s control.
They then convinced the victim to download a remote desktop connection program, which provided the conspirators with real-time access to his computer. Serrano kept the victim busy while Lam extracted the private keys and transferred more than 4,100 bitcoins.
The stolen money was used to make extravagant purchases, including luxury cars, jewelry and real estate, with Lam reportedly spending up to $500,000 a night at nightclubs in the US and purchasing 31 luxury cars, many of which remain unknown.
The legal battle and possible ruling continue
Lam now faces significant legal challenges, with each of the charges against him carrying up to 20 years in prison, large fines or confiscation of ill-gotten gains, according to the report. He is currently being held at the Northern Neck Regional Jail in Virginia.
US legal action has focused on the sharing and discovery of evidence, including encrypted communications and other digital evidence linked to the alleged theft.
The defendants are scheduled to return to court in January 2025 to continue pre-trial proceedings. The report noted:
He will return to D.C. court on January 9, 2025 when he and co-defendant Jandel Serrano are scheduled to have another pretrial hearing. The judge can set a date for their trial at that session.
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