According to the Singapore Business Times, 20-year-old Singaporean Malone Lam was arrested for allegedly participating in one of the largest cryptocurrency thefts in U.S. history. He spent as much as $500,000 (about S$665,000) in a nightclub and was photographed giving models and internet celebrities a Hermes Birkin bag at a luxury party. Lam was arrested in September 2024 with 21-year-old American accomplice Jeandiel Serrano, a 21-year-old, charged with “conspiracy to steal and launder more than $230 million (about S$306 million) of cryptocurrencies,” the U.S. Department of Justice said. At current prices, the 4,100 stolen bitcoins are worth more than $450 million. As of October last year, about $70 million had been recovered or frozen on various exchanges. "Even considering the millions of dollars spent on cars and jewelry by Serrano and accomplices, there is still more than $100 million missing," according to court documents. If convicted of stealing more than 4,100 bitcoins, Lam faces up to 20 years in prison, up to $250,000 fines or twice the amount he earns from the scam. Lam's trial date is scheduled for October 6.