Singapore School Dropout Leads $240M Bitcoin Scam Without Hacking

A group of scammers, led by Malone Lam, stole over $240 million in Bitcoin without using any hacking techniques. Instead, they convinced a victim to hand over his Google Drive and security codes by posing as workers from Google and Gemini.

The scam was executed on August 2024 in Washington, DC, where the victim lost the same amount of money. Lam, a 22-year-old school dropout from Singapore, was found guilty of the crypto scam, making him one of the 11 people involved in the case.

The group used the stolen Bitcoin to buy luxury cars and spend heavily at nightclubs. One suspect, Jeandiel Serrano, failed to hide his IP address while opening an exchange account, providing a key clue for police. He was arrested on September 18, 2024, at Los Angeles International Airport, wearing a watch estimated to be worth about $500,000.

Prosecutors confirmed that the group had used similar tricks in other crypto thefts and spent the stolen money on luxury goods. Lam allegedly bought more than 30 luxury cars and spent heavily at nightclubs.