A 20-year-old Singaporean, Malone Lam, has requested a “speedy trial” in a US court, following accusations of theft of around $230 million in cryptocurrency. Lam appeared before a judge in Washington, D.C., to discuss the disclosure of evidence during pretrial proceedings.
Along with his alleged accomplice, Jeandiel Serrano, Lam is accused of using sophisticated social engineering tactics to deceive a crypto investor and gain unauthorized access to more than 4,100 Bitcoins.
US prosecutors described the incident as one of the “largest privately-involved crypto thefts in US history”. Lam was arrested at Hartsfield-Jackson Atlanta International Airport earlier this year and was later transferred to the Central District of California.
Channel News Asia (CNA) reported that Lam appeared in court on Thursday morning and it was there that he confirmed his understanding of his legal rights to a “speedy trial” – a constitutional guarantee against indefinite delays in trials. The judge indicated that Lam’s trial could begin by March or April 2025.
The project and legal proceedings
According to court documents, Lam and Serrano allegedly targeted a wealthy cryptocurrency investor using deceptive tactics that lasted for weeks. The duo allegedly used unauthorized “Google account access” notifications to make their activity appear to be an extraneous attempt to breach the victim’s security.
The elaborate plan involved calling the victim while posing as Google support representatives, ultimately convincing them to provide security codes. This access allowed Lam to locate and steal cryptocurrency assets stored in the victim’s OneDrive and Gmail accounts.
The scheme extended to impersonating the security team of cryptocurrency exchange Gemini, persuading the victim to transfer $3 million worth of cryptocurrency to a wallet under the control of Lam.
They then convinced the victim to download a remote desktop connection program, which gave the conspirators 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 funds were used for extravagant purchases including luxury cars, jewelry and properties. Lam allegedly spent up to $500,000 a night at American nightclubs and purchased 31 luxury vehicles, many of which are still missing.
Continuing legal battle and potential conviction
Lam now faces significant legal challenges, with each count punishable by up to 20 years in prison, substantial fines or forfeiture of illicit gains, according to the report. He is currently being held at the Northern Neck Regional Jail in Virginia.
U.S. legal proceedings have focused on sharing and discovering evidence, including encrypted communications and other digital evidence linked to the alleged theft.
The defendants are due back in court in January 2025 for further pre-trial proceedings. The report noted:
He will return to court in Washington on January 9, 2025, when he and co-defendant Jeandiel Serrano are scheduled to hold another pretrial hearing. The judge could set a date for their trial at that hearing.
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