20-year-old Malone Lam and his 21 year old buddy from Los Angeles, Jeandiel Serrano pull off one of the biggest cryptocurrency heists in U.S. history.  In the heist, a jaw-dropping $230 million in Bitcoin from one person in Washington, D.C.  Instead of laying low, the two go on a spending spree so amazing you could make a movie from the receipts.  Here is a story of high-tech crime, luxury cars, and epic parties that one could only dream of!

THE HEIST: A DIGITAL OCEAN'S ELEVEN

It started on August 19, 2024.  Malone, using the Telegram handle "$$$" and Discord name "Anne Hathaway" (you can't make this stuff up), teamed up with Serrano, aka "VersaceGod" and "@SkidStar".  Not only were the two hacking using code, they were also experts in the craft of social engineering.  This is when people manipulate other people into giving up valuable pieces of information.  They called their victim, posing as Google Support with a funky phone number.  After smooth-talking their way into building trust with the individual, they were able to convince their victim into downloading a remote desktop program.  This is where it all went bad.  With this they had full access to the victim's computer. 

From there, it was like taking candy from a baby as there were over 4,100 Bitcoin in the wallet.  In the beginning, they would ask the victim to transfer smaller amounts around $3 million to their own personal wallets.  After using screen recordings and other information gathered through the conversations , they reset the victim's two-factor authentication and nabbed the private keys to steal everything the wallet possessed.  In one day, over $200 million was stolen.

THE SPENDING SPREE: LIVING LIKE ROCKSTARS

Question for you... Hypothetically, if you just stole $230 million, what would you do?  Would you continue to invest quietly and find a location to hide out?  Or would you do what Malone and Jeandiel did which is the exact opposite?  Instead of going undercover, both Malone and Jeandiel made their lifestyles look like a rap music video.  Within weeks, cash was blown like there was no tomorrow. 

Malone as the ringleader definitely went on a mission to flex his newly found riches.  In one night alone he dropped over $500,000 in a Los Angeles nightclub.  There were over 31 luxury car purchases including Lamborghinis, Ferraris, and Porsches.  (As of now, the FBI is still on the hunt for 22 of the 31 vehicles.)  Waterfront mansions in Miami, one alone with a monthly rental price of $68,000, were constant purchases with his partner in crime.  The parties in some of these locations were so disturbing the police were called.  And they were just getting started.  

Malone, feeling on top of the world as he could mostly afford to buy anything, decided to go for one purchase he didn't think his card would decline for.  He wanted to try one more time for a girl he had a past relationship with by purchasing her a Lamborghini and designer handbag.  He forgot that love is one thing money can't buy as she declined his offers.  Not even a private jet trip from L.A. to Miami could save this one.  Meanwhile his partner Serrano was living it up with designer purchases and international trips of his own.  This wasn't just a spending spree.  They were flexing.

THE FALL: WHEN YOU FLEX TOO HARD

Most people after stealing $230 million would be paranoid and constantly be in fear of being caught.  Malone and Jeandiel definitely didn't care about their situation as they continued to do anything and everything you could possibly imagine to draw attention to themselves.  The parties, fancy cars, luxurious mansions, and social media posts caught the attention of everyone.  This includes the good ol' folks at the FBI.

September 18, 2024 is when the real party started.  The feds raided a waterfront mansion near Miami shores seazing luxury cars and linking the property to the heist.  Fresh from a Maldives trip, Serrano was nabbed by the FBI at the L.A. International Airport.  The current girlfriend of Serrano tried to give the tip to Malone but it was too late.  Even after trying to cover his tracks by deleting his Telegram accounts, he was arrested shortly thereafter.  

The two face serious charges including conspiracy to commit wire fraud and money laundering.  Both are working on a plea deal and Serrano has already had a court hearing.

THAT'S GREAT AND ALL, BUT WHO IS MALONE LAM?

Malone, a citizen of Singapore, wasn't even supposed to be in the U.S. long term.  After his arrival in October in 2023 on a visa waiver with no job or permanent address, he decided to commit one of the biggest frauds in U.S. history.  He admitted to committing other crypto scams outside of the $230 million heist that he wasn't caught for.  Online Malone's persona was filled with confidence but in real life there was a lot of chaos in the moves he made.  Spending hundreds of thousands a night and buying luxury cars for crushes is not necessarily a good way to show you have control over your life. 

WHY ALL OF THIS MATTERS

This isn't just a story about a scam that went horribly wrong for a lot and horribly right for a few.  This should be a wake up call for everyone.  Even though we scream and shout about how cryptocurrency is decentralized, it isn't as secure as we think.  Scams like this, especially when using strategies like social engineering, can cause individuals to lose everything they have worked so hard for.  This case was compared to the Peraire-Bueno brother case where over $25 million in Ethereum was stolen.  What is one thing that makes this story stand out?  The sheer speed of this timeline in how fast it all unfolded.  In one month Malone and Serrano went from stealing over $230 million to being caught and being put in handcuffs.  Simply amazing.

And yes the FBI still hunts for the missing vehicles and funds.

Disclaimer: This article is meant for general information purposes only and is not investment advice. Investment in cryptocurrency is very risky.

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