The 20-Year-Old Who Stole $402M in Bitcoin

This time, the victim was a Gemini crypto trader, who got duped into turning off two-factor authentication, unknowingly handing full access to their wallets.

Check this out: “Social Engineering in Crypto: Top 5 Fraud Schemes”

With stolen funds in hand, Malone Lam embraced excess. He snapped up luxury vehicles, rented ultra-expensive homes, and burned through hundreds of thousands at VIP clubs in LA and Miami. He made no effort to hide his wealth—boasting about it online, sharing photos, and painting a target on his back.

But what exactly made this scheme successful? What slip-ups led to the criminals being caught? And more importantly, could this kind of theft have been stopped before it even started? Let’s analyze the case. 

Malone Lam: How a Crypto Scammer Entered the U.S. and Lived Large

Malone Lam—aka Greavys, Anne Hathaway, and $$$—arrived in the United States in October 2023 through the Visa Waiver Program. With no legal papers, no job, and no permanent address, he quickly adapted, staying in high-end hotels and luxury apartments—never on his own dime.

Malone Lam’s path to one of the biggest crypto heists in history wasn’t random—it was calculated. He moved between LA and Miami, infiltrating affluent circles, earning the trust of crypto investors, and learning their vulnerabilities. By the time his operation was set in motion, he already knew who to target and how to manipulate them.

Lam and his associates never needed to hack wallets—instead, they hacked minds. Using social engineering, they fabricated crises, bombarding victims with fake security alerts and spoofed phone calls to induce panic.

And that’s when fear took over. Victims, desperate to protect their funds, followed every instruction—unknowingly handing over control of their wallets. By the time they figured it out, their crypto was already gone. A textbook case of manipulation.

Phase 1: Psychological Manipulation

It all started with Google security alerts—warnings of suspicious login attempts. Then came the strategically timed phone call from “Google support”, reinforcing the fear. The victim was led to believe their account was under immediate threat.

Phase 2: The Perfect Deception

Next, a call from a fake Gemini security representative escalated the crisis. The victim was informed that hackers were in their exchange account, moving funds in real time. The only way to stop it? Turn off two-factor authentication.

Phase 3: The Final Blow—Device Hijack

With panic setting in, the victim followed one final request: install AnyDesk. The scammers reassured them that it was a routine security measure. But the moment it was installed, they had full access—they grabbed private keys, wiped wallets clean, and vanished.

During the investigation, authorities discovered a video—a rare glimpse into the mindset of crypto criminals. It captures the moment they realized their $238 million heist had succeeded.

In the footage, members of the operation go over transaction details, celebrating the sheer scale of their crime.

Phase 4: Hiding the Money—Or Trying To

The stolen funds were immediately laundered—swapped across Bitcoin, Litecoin, Ethereum, and Monero—and funneled through over 15 exchanges before reaching decentralized swap services and ending up in private wallets. 

But crypto wasn’t enough—they wanted tangible proof of their success. They cashed out millions through luxury asset brokers, buying cars, watches, diamonds, and extravagant real estate.

Ironically, it wasn’t the blockchain that betrayed them—it was their own excess. The more they spent, the faster law enforcement caught on.

From Fast Cars to Lavish Parties—How Lam Burned Through Millions

Malone Lam believed money was made to be spent—and spent fast. His collection of 31 luxury cars—Lamborghinis, Ferraris, Porsches—wasn’t just transportation, but a carefully crafted status symbol.

Real estate followed suit. He and his crew rented multimillion-dollar properties, dropping up to $68,000 a month on villas and high-rise penthouses in Miami and LA.

These weren’t just homes—they were venues for legendary parties. Some nights cost half a million dollars, with champagne-fueled celebrations, elite cocktails, and over-the-top gifts setting the stage for an empire built on illusion.

Imagine walking into a club and leaving with a Hermes Birkin bag—just because someone felt like giving it away. That’s exactly what happened when Lam and his crew casually handed out five of them to random women. One of the lucky recipients? TikTok star Sky Bri, who later shared the story. She said a young guy—whom she playfully called “the boy” despite him clearly being older—walked up, gave her the bag, and simply said, “This is for you.”

For a while, Lam and his crew partied like kings, blowing through millions without a care. But excess has a price. Law enforcement quickly took notice, and soon enough, their luck ran out—leading to their arrests and criminal charges.

Crypto Fraudsters Busted—Key Figures in $402M Heist Arrested

After months of tracking, authorities finally closed in on two major players behind a multi-million-dollar crypto fraud scheme. On September 18, 2024, Jandiel Serrano (“Box”) was arrested at Los Angeles International Airport, while Malone Lam (“Greavys”) was detained in Miami.

Their high-flying lifestyle came to an abrupt halt as officials seized their luxury cars, high-end properties, and a collection of designer watches, all bought with stolen crypto funds.

Serrano and Lam now face serious federal charges, accused of executing a $230 million crypto fraud operation through elaborate social engineering scams and money laundering networks.

Thanks to months of investigation, authorities froze millions of dollars, securing a partial recovery of the stolen funds.

But the real shock came from the crypto community’s reaction to Malone Lam’s absurd spending spree. People were stunned that someone who had stolen 4,100 BTC—worth $220 million—had wasted it so recklessly.

He went full GTA Online with it. 31 supercars, a $2M watch, and handing out Birkins like candy. He could have disappeared with that money and lived quietly forever. But nah, had to speedrun getting caught,

— Reddit user.

Rather than laying low and securing his fortune, Malone Lam spent money as if the clock was ticking on his wealth. His lifestyle was too loud, too fast, and ultimately, too reckless.

Now, with a federal trial on the horizon, he’s facing up to 20 years behind bars and a fine that could reach over $460 million—twice the stolen amount.