Singaporean man Malone Lam requests a speedy trial in the U.S. for his role in a $230 million cryptocurrency theft involving 4,100 bitcoins.
A Singaporean man accused of orchestrating one of the largest cryptocurrency thefts has requested a “speedy trial” in the United States. Malone Lam, 20, appeared before a judge in Washington DC, on November 14, 2024, for a pre-trial hearing. Lam and his co-conspirator Jeandiel Serrano are accused of stealing over 4,100 bitcoins by posing as a Google employee. The worth of these coins was roughly $230 million at the time.
The prosecutors have described the theft as one of the largest cyber heists of private individuals in the country’s history. Lam was accused of using the stolen crypto to finance his luxurious lifestyle. This includes partying in LA and Miami clubs and spending hundreds of thousands of dollars. Moreover, he used the stolen Bitcoin to buy a few luxury cars.
During the trial, Lam, accompanied by US Marshals, entered the DC District Court dressed in a white long-sleeved shirt, blue trousers, and a blue prison shirt. He wore glasses and a surgical mask that covered part of his face due to the COVID-19 court rules. Lam watched as his defense team sat near him and debated the issue of exchanging material in preparation for trial.
Lam Requests Speedy Trial as Evidence for Crypto Theft is Revealed
The prosecution presented the course of investigation and the materials found: hard drives, online chat history, and Lam’s locked smartphone; US prosecutor Kevin Rosenberg. FBI is becoming more efficient at extracting information from phones, as mentioned by Judge Colleen Kollar-Kotelly. However, the evidence will be inspected before the trial.
Lam’s motion to have his trial done faster is based on his constitutional right. According to the Constitution, a defendant cannot be unduly delayed in his/her criminal trial. On the other hand, the judge told Lam that his trial could be in March or April of 2025. Lam acknowledged his understanding of his rights. However, he also said he had no reason to study the evidence further for trial.
As the case continues, Lam’s situation becomes more complicated, and on both sides, the prosecution and the defense prepare for a large trial. If Lam is found guilty, he could receive stiff punishment, a turning point in the fight against crypto crime. The result of this trial is likely to define the future of handling cybercrimes and crypto theft.
