The post A Singaporean man’s alleged US$230 million crypto theft appeared on BitcoinEthereumNews.com.

A 20-year-old Singaporean man named Malone Lam is facing serious charges in the United States. He allegedly stole and laundered US$230 million in cryptocurrency. Along with his accomplice Jeandiel Serrano, is accused of executing one of the largest thefts of crypto from an individual in US history.  They reportedly stole over 4,100 Bitcoins (BTC) from a wealthy investor by pretending to be Google support employees. The legal complaint against Lam and Serrano expressed interest in reaching a plea deal within 60 days. They aim to settle the case without going to trial. Court documents also revealed the intricate plan to carry out the theft and how they spent the stolen funds. The scam started with careful planning such as looking for active high net-worth crypto investors. After looking for the best target, Lam and Serrano pretended to be among Google’s support team who falsely claimed that there had been suspicious activities on the victim’s account. To solidify their plans, they sent unauthorised access notifications, creating a false sense of urgency.  They also convinced the victim to share security codes which were used to access his OneDrive and Gmail accounts in search for more crypto assets. The suspects also used proxy and VPN services to hide their identity, setting the stage for their scam. This is one of the reasons why even at trusted sites like Stake casino, it is still best to be cautious at all times. During this breach, Lam discovered records from the Gemini crypto exchange. To further manipulate the victim, they devised a plan for one of them to pose as a member of Gemini’s security team. They claimed that the victim’s accounts were at risk, leading him to transfer around US$3 million worth of crypto into a wallet controlled by Lam. The crooks then convinced the…

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Filed under: News - @ November 22, 2024 1:22 am