BlockBeats news, on March 10th, according to The Straits Times, Singaporean man Malone Lam was arrested and charged with creating one of the largest cryptocurrency thefts in the United States. He squandered up to $500000 (SGD 665000) every night at the club and was seen giving Hermes platinum bags to models and influential figures during his extravagant outings. The US Department of Justice (DOJ) said that the 20-year-old suspect and co defendant, 21-year-old American Jeandel Serrano, was arrested in September 2024, charged with "conspiring to steal and launder cryptocurrency of more than 230 million US dollars (306 million Singapore dollars) from a victim in Washington, D.C.". At today's prices, the stolen 4100 bitcoins are worth over $450 million. At last week's latest court hearing, Lam appeared in a green prison uniform in a Washington courtroom, with his trial scheduled for October 6th. The US Department of Justice has stated that they are suspected of using money laundered cryptocurrency proceeds for international travel, nightclubs, luxury cars, watches, jewelry, designer handbags, and rental properties in Los Angeles and Miami. The prosecutor stated that Lam "admitted to purchasing 31 luxury cars, of which 22 have not yet been recovered by law enforcement agencies". They added, "Many of Lam's vehicles have yet to be found, such as the Pagani Huayra he purchased for $3.8 million If convicted, Lam will face up to 20 years in prison, a maximum fine of $250000, or twice the amount obtained from fraud.