On March 10, according to the Singapore Business Times, 20-year-old Singapore native Malone Lam was arrested on suspicion of participating in one of the largest cryptocurrency thefts in American history. He spent up to US$500,000 (approximately S$665,000) a night in a nightclub and was photographed giving Hermes Birkin bags to models and Internet celebrities at a luxury party. The U.S. Department of Justice said Lam and 21-year-old U.S. accomplice Jeandiel Serrano were arrested in September 2024 and charged with "conspiracy to steal and launder more than US$230 million (approximately S$306 million) in cryptocurrency." At current prices, the 4,100 stolen bitcoins are worth more than $450 million. As of October last year, approximately $70 million had been recovered or frozen on exchanges. According to court documents,"Even taking into account the millions of dollars Serrano and his accomplices spent on cars and jewelry, more than $100 million is still unaccounted for." If convicted of stealing more than 4,100 bitcoins, Lam faces up to 20 years in prison and a fine of up to $250,000 or twice the amount he made from the fraud. Lam's trial date has been set for October 6.