On August 19, in the suburbs of LA, a crime took place. Following this, two suspects, Malone Lam and Jeandial Serrano, were arrested recently. The arrests are quite common these days, but what makes this case stand out is, what they were arrested for. Apparently, they were charged with an indictment for a daring $230 million crypto heist and money laundering.
In one of the most daring heists of this century, Malone Lam, a 20-year Singaporean tech genius has successfully managed to pull off a $240 million Bitcoin theft. With the help of his advanced knowledge of cybersecurity and blockchain technology, he managed to pull off crime straight out of the movies.
Who is Malone Lam?
Malone Lam is a Singaporean man who used to live in the US. He was a tech genius who had been arrested by the FBI for stealing cryptocurrency worth $230 million. On the 19th of August, Lam with his partner, Jeandiel Serrano pulled off this massive stunt and took off.
Since then, various authorities have been scourging for them. After 9 days of intense search, due to the negligence on Lam’s part, he was arrested and taken into custody. On September 19, one month after the crime, Lam was put in court facing numerous charges including conspiracy and fraud.
How did he manage to Pull it off?
Now that we know who Lam is and what he managed to pull off, let’s look into how exactly he has done it. Lam put months of planning into this attack. By combining a carefully planned phishing attack with a little bit of social engineering, he managed to steal the sensitive data of a prominent Bitcoin holder by posing as Google support.
By exploiting a vulnerability in the private key management system, he bypassed multiple layers of encryption and two-factor authentication to gain access to the crypto wallet. Once he had access, he transferred his funds through various wallets to cover his tracks.
After he successfully erased his traces using highly advanced anonymization techniques, it became nearly impossible to track him. Eventually, the authorities were informed of the theft, but the Bitcoins were already gone by then.
Lam was planning to launder the stolen cryptocurrency by exchanging it on various markets. By employing a VPN, they could do so without revealing their identity.
The party life
With a huge sum of money in his pockets, Lam being a typical teenager embarked on a party life. After quickly cashing out a large sum of money, he went on a spending spree. Visiting various exclusive nightclubs and resorts, and always being surrounded by alcohol and models, Lam was having the time of his life.
Without any regard for any consequences, he showcased his life through social media. Little did he know at that time that this would lead to his downfall and probably the worst time of his life.
Consequences
As the various authorities of the world put an international man-hunt on Lam, he employed various hacking groups to cover his tracks. The Interpol and FBI joined his Singaporean authorities to capture him, but with the involvement of the hackers, this soon became an ugly trail for them.
But Lam itself came to their rescue. His flashy lifestyle soon helped the authorities close in on him and pretty soon, he was arrested and indicted. In the end, his arrogance was the one that led to his downfall.
Even with the arrest of Lam and his co-conspirator Serrano, the investigation is still ongoing with the officers trying to recover the stolen money. In the aftermath of this daring heist, Lam has become quite a celebrity on social media. And now, there’s even a meme coin in his name. But unfortunately, Lam won’t be enjoying his celebrity status any time soon.
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The post Who is Malone Lam? How Did He Get Famous? Unveiling Malone’s Scammer Allegations appeared first on Kallanish Energy.
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