Blab Crypto
Singaporean Hacker Arrested in Miami After Alleged $240 Million Bitcoin Heist
A 20‑year‑old Singaporean named Malone Lam was taken into custody in Miami on September 18, 2024, after prosecutors charged him with orchestrating the largest single‑victim cryptocurrency theft in U.S. history. Lam and a crew of young men allegedly stole more than 4,100 Bitcoin—worth roughly $240 million at the time—from a Washington, D.C. investor using a sophisticated social‑engineering scheme.
The victim, referred to in court filings as “Victim 7,” received a call on August 18, 2024 from someone posing as a Google representative, followed by a second call claiming to be from the Gemini exchange. The callers convinced the investor to grant them access to his Google Drive and to reveal his security codes. According to prosecutors, that information enabled Lam, Veer Chetal, and Jeandiel Serrano to move the Bitcoin into accounts they controlled.
After the theft, the trio used a network of cryptocurrency exchanges to launder the proceeds. Investigators noted that Serrano failed to conceal his IP address when opening an account on a crypto exchange; the address could be tied to a high‑end rental property in Encino, California, where he was paying $47,500 a month. The FBI traced the account to a deposit of nearly $30 million in stolen Bitcoin.
Lam’s spending spree was widely reported. The FBI seized nine luxury cars and several high‑value watches from his Miami residences, including a $1.8 million timepiece. He allegedly spent $4 million at nightclubs over a month and purchased more than 30 vehicles—custom Porsches, Lamborghinis and Ferraris. Chetal, a 19‑year‑old accomplice, reportedly gifted a Lamborghini to his parents and hid a duffel bag containing $500,000 in cash in their laundry machine.
The group’s activities also included a kidnapping attempt. On August 25, 2024, masked men in Danbury, Connecticut forced Chetal’s parents out of their car, beat the father with a baseball bat, and bound the couple in a van. The men, who were from Miami, intended to use the parents as leverage for a ransom. Police were notified by witnesses and apprehended the suspects.
Lam was arrested at one of his Miami mansions on the same day Serrano was taken into custody at Los Angeles International Airport. The FBI also searched Chetal’s apartment in Brunswick, New Jersey, on September 9, 2024 and recovered $37 million in stolen cryptocurrency. Chetal has pleaded guilty to conspiracy charges and is awaiting sentencing.
The case underscores a broader trend in crypto‑related crime. Complaints of cryptocurrency investment fraud to the FBI rose by nearly 50 percent in 2025, according to the agency. The Justice Department disbanded a unit that had focused on crypto‑related prosecutions, and the Trump administration’s regulatory approach has been described as more hands‑off compared with the Biden era.
The federal court has already sentenced several co‑conspirators. U.S. District Judge Colleen Kollar‑Kotelly imposed prison terms of approximately six years on two money‑laundering defendants and set a minimum 14‑year sentence for Lam if convicted. Lam’s first court appearance in Miami was marked by the judge’s remark that the defendants’ lavish spending was “like Ferris Bueller gone bad.”
As of September 7, 2026, the case remains active. Lam’s plea agreement hearing is scheduled for Tuesday, and prosecutors are continuing to investigate the full extent of the laundering network. The investigation highlights the challenges law enforcement faces in tracking and prosecuting sophisticated crypto‑fraud schemes that cross international borders.
The victim, referred to in court filings as “Victim 7,” received a call on August 18, 2024 from someone posing as a Google representative, followed by a second call claiming to be from the Gemini exchange. The callers convinced the investor to grant them access to his Google Drive and to reveal his security codes. According to prosecutors, that information enabled Lam, Veer Chetal, and Jeandiel Serrano to move the Bitcoin into accounts they controlled.
After the theft, the trio used a network of cryptocurrency exchanges to launder the proceeds. Investigators noted that Serrano failed to conceal his IP address when opening an account on a crypto exchange; the address could be tied to a high‑end rental property in Encino, California, where he was paying $47,500 a month. The FBI traced the account to a deposit of nearly $30 million in stolen Bitcoin.
Lam’s spending spree was widely reported. The FBI seized nine luxury cars and several high‑value watches from his Miami residences, including a $1.8 million timepiece. He allegedly spent $4 million at nightclubs over a month and purchased more than 30 vehicles—custom Porsches, Lamborghinis and Ferraris. Chetal, a 19‑year‑old accomplice, reportedly gifted a Lamborghini to his parents and hid a duffel bag containing $500,000 in cash in their laundry machine.
The group’s activities also included a kidnapping attempt. On August 25, 2024, masked men in Danbury, Connecticut forced Chetal’s parents out of their car, beat the father with a baseball bat, and bound the couple in a van. The men, who were from Miami, intended to use the parents as leverage for a ransom. Police were notified by witnesses and apprehended the suspects.
Lam was arrested at one of his Miami mansions on the same day Serrano was taken into custody at Los Angeles International Airport. The FBI also searched Chetal’s apartment in Brunswick, New Jersey, on September 9, 2024 and recovered $37 million in stolen cryptocurrency. Chetal has pleaded guilty to conspiracy charges and is awaiting sentencing.
The case underscores a broader trend in crypto‑related crime. Complaints of cryptocurrency investment fraud to the FBI rose by nearly 50 percent in 2025, according to the agency. The Justice Department disbanded a unit that had focused on crypto‑related prosecutions, and the Trump administration’s regulatory approach has been described as more hands‑off compared with the Biden era.
The federal court has already sentenced several co‑conspirators. U.S. District Judge Colleen Kollar‑Kotelly imposed prison terms of approximately six years on two money‑laundering defendants and set a minimum 14‑year sentence for Lam if convicted. Lam’s first court appearance in Miami was marked by the judge’s remark that the defendants’ lavish spending was “like Ferris Bueller gone bad.”
As of September 7, 2026, the case remains active. Lam’s plea agreement hearing is scheduled for Tuesday, and prosecutors are continuing to investigate the full extent of the laundering network. The investigation highlights the challenges law enforcement faces in tracking and prosecuting sophisticated crypto‑fraud schemes that cross international borders.
