Singaporean Dropout Leads $240M Bitcoin Scam Without Hacking

A group of scammers, led by Malone Lam, stole over $240 million in Bitcoin from a Washington, DC-based investor without using any hacking techniques. The scam, which took place in August 2024, was carried out by pretending to be workers from Google and Gemini, the crypto exchange. The scammers convinced the victim to hand over his Google Drive access and security codes, allowing them to steal more than 4,100 Bitcoin.

The group's plan was simple: create a fake security problem and trick the victim into giving away crucial information. Lam, a 22-year-old school dropout from Singapore, is one of the 11 people found guilty in the case.

Prosecutors say that the scammers moved the stolen Bitcoin through various crypto exchanges, trying to cover their digital trail. However, they made a critical mistake when another suspect, Jeandiel Serrano, failed to hide his IP address while opening an exchange account. This led police to track down Serrano, who was arrested at Los Angeles International Airport on September 18, 2024, wearing a $500,000 watch.

Lam allegedly used the stolen funds to buy over 30 luxury cars and spend lavishly at nightclubs. The case highlights the growing trend of crypto thefts that don't involve hacking or sophisticated software, but rather rely on social engineering tactics.