A 22-year-old man from Singapore, accused of playing a role in the theft of more than $240 million in Bitcoin from one victim, is expected to admit guilt this week in what prosecutors describe as one of the biggest cryptocurrency heists in U.S. history. Authorities say the stolen funds were later poured into an extravagant lifestyle that included luxury vehicles, private jet travel, high-end homes and lavish nights out.
Malone Lam, a Singaporean eighth-grade dropout who has been described by prosecutors as a suspected leader in the wide-ranging crypto fraud operation, is due to appear Tuesday in federal court in Washington, D.C., for a plea agreement hearing.
Prosecutors allege Lam and his associates belonged to a loosely connected group of young men, mostly in their late teens and early 20s, who carried out an advanced “social engineering” scheme in August 2024. The alleged plot targeted a wealthy, longtime cryptocurrency investor and tricked him into surrendering access to his digital assets.
A Justice Department court filing in the case against Hamza Doost and Kunal Mehta, which includes a photo of Malone Lam, is photographed Friday, Sept. 4, 2026. (AP Photo/Jon Elswick)
Court documents say members of the alleged crew contacted the victim while pretending to be officials from Google and the Gemini cryptocurrency exchange, falsely claiming his accounts were at risk and had been compromised.
The scammers allegedly convinced the victim to give them access to his Google Drive and provide security codes that allowed Lam and others to siphon off more than 4,100 Bitcoin, then worth over $240 million.
The group allegedly moved the stolen cryptocurrency through multiple exchange platforms and used money laundering specialists to convert portions of it into cash.
Prosecutors say Lam and his associates then embarked on a staggering spending spree.
This Justice Department grand jury superseding indictment against Malone Lam and his co-defendants is photographed Friday, Sept. 4, 2026. (AP Photo/Jon Elswick)
Lam and his friends allegedly spent $4 million at Los Angeles nightclubs in roughly a month, including more than $569,000 that Lam allegedly spent during a single night out. He also allegedly used stolen cryptocurrency to purchase a $2 million watch and more than 30 vehicles, including custom Porsches, Lamborghinis and Ferraris.
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The group also rented multimillion-dollar homes, flew on private jets and hired private security.
The alleged spending was so lavish that the judge overseeing Lam’s initial court appearance in Miami invoked a famous Hollywood troublemaker after hearing a prosecutor describe it.
“I could only think of Ferris Bueller gone bad,” U.S. Magistrate Judge Alicia Valle said, referring to the school-skipping protagonist of the 1986 movie “Ferris Bueller’s Day Off.”
The lavish lifestyle quickly attracted attention as investigators closed in.
One alleged co-conspirator, Jeandiel Serrano, failed to conceal his IP address while creating an account on a cryptocurrency exchange that held nearly $30 million in stolen funds, prosecutors said. Investigators traced the address to an Encino, California, home Serrano was renting for $47,500 per month.
This Justice Department court filing in the case against Hamza Doost and Kunal Mehta, that includes a photo of Malone Lam, is photographed Friday, Sept. 4, 2026. (AP Photo/Jon Elswick)
Serrano and Lam were arrested separately on Sept. 18, 2024. FBI agents took Serrano into custody at Los Angeles International Airport, where authorities said he was wearing a watch worth roughly $500,000.
Lam was arrested the same day at a Miami mansion.
Eighteen defendants have been charged in connection with the case, with ten already pleading guilty.
At Lam’s initial court appearance, a prosecutor estimated that federal sentencing guidelines could call for a prison term of at least 14 years if he is convicted.