Singaporean Accused of Heisting $230 Mln in Cryptocurrency Seeks Speedy Trial

Singapore man Malone Lam accused of stealing $230 million in crypto money is requesting a “speedy trial” in the US court. The trial, scam, and even the disclosure of documents come at a time when multiple illegal activities and accusations have grappled the crypto market.

Malone Lam Requests Speedy Trial

According to local media reports published on November 15th, in a US court, 20-year-old Malone Lam of Singapore has asked for a “speedy trial” after being accused of stealing almost $230 million worth of cryptocurrencies.

The pre-trial proceedings in Washington, D.C., included Lam’s appearance before a judge to negotiate the disclosure of evidence.

Lam and Jeandiel Serrano, his alleged accomplice, are charged with deceiving a cryptocurrency investor and obtaining more than 4,100 Bitcoin without authorization by employing advanced social engineering techniques.

The event has been described by US prosecutors as one of the “largest crypto thefts involving a private individual in US history.” Earlier this year, Lam was taken into custody at Hartsfield-Jackson Atlanta International Airport and then moved to the Central District of California.

Crypto Markets See Rise In Illicit Activities

The USA has seen multiple cases of crypto scam trails in the past couple of months as the country has strated imposing stricter laws and regulations to curb illicit activities.

However, the overall crypto world is currently witnessing a rise in unwanted and illicit activities. Just yesterday, on November 15th, Ilya Lichtenstein, a hacker from the United States, pleaded guilty last year to stealing billions of dollars worth of Bitcoin and was given a five-year prison sentence.

The hacker was sentenced to five years in prison in the United States for this robbery, which the BBC has called one of the biggest Bitcoin thefts ever.

Additionally, in a federal court in Washington, D.C., Larry Dean Harmon, the operator of the darknet search engine Grams and the cryptocurrency mixer Helix, was sentenced for multimillion-dollar crypto laundering.

For laundering more than 350,000 Bitcoin, which at the time was worth more than $300 million, he faced a three-year prison sentence.

Prosecutors disclosed that Harmon used significant darknet markets to effectuate illicit transactions. He was sentenced to prison and ordered to surrender almost $400 million in real estate, bitcoin, and other assets.

US FBI Heightens Scrutiny To Curb Crypto Scams

As scammers increasingly exploited the speed and irreversibility of digital asset transactions, losses from cryptocurrency-related frauds and scams rose 45% in 2023 compared to 2022, amounting to over $5.6 billion, according to the U.S. FBI.

Amid the rise, the US FBI has increased its watch over transactions and businesses that involve crypto or digital assets. According to the FBI, although cryptocurrency transactions are documented on publicly accessible blockchains, which make it simple for law enforcement to track down money, money is frequently transferred swiftly outside, where U.S. agents may run into issues like weak anti-money laundering regulations in some countries.

This makes it difficult to retrieve the money and hold those involved responsible.