He Stole $230,000,000 - The Malone Lam story
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Who is Malone Lam and what did he do?
So this guy is rich. I mean like $230 million rich. Because he stole it. And then he went wild. Now the guy's name is Malone. He's 20 years old and he's really into crypto. And one day in 2024, he and his buddies are all in a chat. And one of them is like, Hey bro, let's find someone who has millions of dollars in Bitcoin and scam them out of it. And Malone hears this idea and he's like, Hi.
How did Malone and his friends scam the investor?
And so they search around and they finally decide on a target, this seemingly random yet wealthy investor living in D.C. who we'll just call Investor. And so the guys deep dive and they get Investor's information and they get his phone number and they call him from a spoofed number pretending to be Google tech support like, Hello, sir.
Your personal accounts have been compromised.
Then afterwards, they call Investor from a different number and they say they're from his cryptocurrency exchange.
I'm calling to alert you that your account has been hacked.
And once investor believes he's been hacked, it's easy to convince him to reset his security information. Then the boys get him to share his screen, which exposes the private keys to his Bitcoin wallet. Once they get investors private keys, they use them to access his Bitcoin wallet and boom, Malone and his bros secretly transfer over 4,100 Bitcoin out of the account and over to themselves. And at this time, 4,100 Bitcoin is worth around $230 million. $230 million. Oh, I gotta leave. And of course, Malone and his friends are like, holy shit. They can't believe this actually worked. And so they're freaking out and they're celebrating in the chat. And for some reason, one of their friends is recording the whole chat. We did it!
Oh my god! No way. Oh my god! No way.
What happened after they stole the Bitcoin?
Now, this recording of them celebrating is gonna be very important later. But whatever, right now, these guys are suddenly richer than they've ever imagined. Not only that, they're smart enough to know they gotta cover their tracks. Since every transaction on the blockchain is publicly viewable, they make all this really hard to track by splitting the coin into different accounts and And yeah, blah, blah, blah, boring crypto stuff. They move the money around to make it untraceable. That's all you need to know. And so Malone and his bros suddenly have this insane amount of money which they've never had before. So now it's time to start spending it. Now Malone's friends, they don't really do all that much with it, not right away. Oh, but Malone does. Malone goes wild.
How did Malone spend his newfound wealth?
He becomes like a cartoon parody of a rich person. Like he gets some fancy new drip, including diamonds embedded in his glasses. He and his friends are flying around on private jets. And he starts renting this huge waterfront mansion in Miami that costs, wait for it, $68,000 a month. $68,000 a month for rent. And of course, he buys all the cars he's ever wanted.
Why is the celebration recording significant?
No, really, like, bro buys like 30 exotic cars. Like, damn, how much is he driving? He even got a Lamborghini with his name painted on the side. He also goes out to clubs and gets bottle service everywhere just because he can. Oh, and he doesn't buy the cheap bullshit bottle service. No, let me tell you how much this guy spends.
What were the consequences of their actions?
Dude regularly goes out to the club and drops anywhere from $100,000 to $500,000 a night. A night. He buys the most expensive champagne. He tips everyone. The staff's putting his name up in lights. I mean, they love him because when the dude's there, he buys drinks all night. Why did a table come in tonight and spend $300,000 on bottles like it was nothing? And he always tips the staff well with money and alcohol.
He even tipped me $2,000. When I tell you the amount of bottles he sent me that I took home, brand new, everything sealed.
And of course, Malone doesn't forget about the ladies. I mean, he's got to try and buy their love too. He'll buy a $50,000 Birkin, which is like a purse. He'll buy $50,000 purses and go to the club and just hand them out to pretty women like, hey, this is for you. I guess he's hoping they'll smash with him. I mean, some of the women later made TikToks about it.
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Chapters
7 chapters
1
Who is Malone Lam and what did he do?
0:00–0:27
2
How did Malone and his friends scam the investor?
0:27–1:59
3
What happened after they stole the Bitcoin?
1:59–2:40
4
How did Malone spend his newfound wealth?
2:40–3:07
5
What extravagant purchases did Malone make?
3:07
6
Why is the celebration recording significant?
2:19–3:25
7
What were the consequences of their actions?
3:25–8:10
Speakers
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