On March 10, according to the Singapore Business Times, 20-year-old Singaporean Malone Lam was arrested on suspicion of involvement in one of the largest cryptocurrency thefts in US history. He spent up to 500,000 US dollars (about US $665,000) a night at a nightclub and was photographed giving away Hermes Birkin bags to models and Internet celebrities at lavish parties. The Department of Justice said Lam was arrested in September 2024 along with 21-year-old American accomplice Jeandiel Serrano and charged with "conspiracy to steal and launder more than US $230 million (about US $306 million) in cryptocurrency". At current prices, the 4,100 bitcoins stolen are worth more than $450 million. As of last October, about $70 million had been recovered or frozen on various exchanges. "Even taking into account the millions of dollars Serrano and his accomplices spent on cars and jewelry, more than $100 million remains unaccounted for," according to court documents. If convicted of stealing more than 4,100 bitcoins, Lam faces up to 20 years in prison and a fine of up to $250,000 or twice the amount he made from the scam. Lam's trial date has been set for October 6.