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26-10-2024, 07:03 AM
How a S'porean man stole US$230 in cryptocurrency
Singaporean Malone Lam, 20, has been charged in the US with conspiracy to commit wire fraud & money laundering. Malone Lam, 20, has been charged in the US with conspiracy to commit wire fraud & money laundering. Together with his co-conspirator, Jeandiel Serrano, they allegedly stole over 4,100 bitcoin – worth about US$230 million at the time – from victim in Washington scam described as “one of the largest cryptocurrency thefts) from a private individual in history in US” (lucky not happening in S'pore), prosecutors said .On Wed (Oct 23) S'pore time, Serrano appeared in court for a status hearing. Court heard both the prosecution & defence were “seeking a resolution of this matter short of a trial”, court records showed.
They requested about 60 days to continue plea negotiations, will inform court if a deal is reached before the deadline. Court filings unsealed earlier this month detailed how Lam & Serrano allegedly carried out scam and how they spent money. (THE THEFT) Lam and his co-conspirator Serrano, 21, from Los Angeles, targeted the victim b'cos they identified him as a “high-net-worth investor” from early days cryptocurrency. According to court doc, substantial planning went into scam, with a co-conspirator causing “unauthorised Google account access” notifications to be sent to victim in the week leading up to the theft.
This person used proxy virtual private network (VPN) services to make it appear as if the access attempts were coming from overseas – this laid down the groundwork for the theft through “sophisticated social engineering”. The court heard on Aug 18, Lam & accomplice called victim, pretending to be Google support team members. They there had been a hack attempt on his account & they needed to shut it down.
Lam found Gemini cryptocurrency exchange records in the victim’s Google accounts.
https://www.channelnewsasia.com/singapor...mi-4697631
Singaporean Malone Lam, 20, has been charged in the US with conspiracy to commit wire fraud & money laundering. Malone Lam, 20, has been charged in the US with conspiracy to commit wire fraud & money laundering. Together with his co-conspirator, Jeandiel Serrano, they allegedly stole over 4,100 bitcoin – worth about US$230 million at the time – from victim in Washington scam described as “one of the largest cryptocurrency thefts) from a private individual in history in US” (lucky not happening in S'pore), prosecutors said .On Wed (Oct 23) S'pore time, Serrano appeared in court for a status hearing. Court heard both the prosecution & defence were “seeking a resolution of this matter short of a trial”, court records showed.
They requested about 60 days to continue plea negotiations, will inform court if a deal is reached before the deadline. Court filings unsealed earlier this month detailed how Lam & Serrano allegedly carried out scam and how they spent money. (THE THEFT) Lam and his co-conspirator Serrano, 21, from Los Angeles, targeted the victim b'cos they identified him as a “high-net-worth investor” from early days cryptocurrency. According to court doc, substantial planning went into scam, with a co-conspirator causing “unauthorised Google account access” notifications to be sent to victim in the week leading up to the theft.
This person used proxy virtual private network (VPN) services to make it appear as if the access attempts were coming from overseas – this laid down the groundwork for the theft through “sophisticated social engineering”. The court heard on Aug 18, Lam & accomplice called victim, pretending to be Google support team members. They there had been a hack attempt on his account & they needed to shut it down.
Lam found Gemini cryptocurrency exchange records in the victim’s Google accounts.
https://www.channelnewsasia.com/singapor...mi-4697631
