Malone Lam, 20, and his accomplice allegedly spent the laundered money on international travel, nightclubs, luxury cars, watches, jewellery, designer handbags, and rental properties in Los Angeles and Miami.

Lam, who is being held in a prison in Virginia, appeared in court in Washington DC on Friday.

Assistant US Attorney Kevin L Rosenberg stated that the prosecution expects a new indictment related to the case within the next 30 to 45 days.

In a statement to CNA, Lam’s defence lawyer said his client is looking forward to exercising his right to a trial by jury.

Further pre-trial hearings are expected in the coming months, and Lam will have an opportunity to enter a formal plea at these hearings.

US prosecutors have described the scam as one of the largest cryptocurrency thefts from a private individual in the history of the US.

Lam and his accomplice, Jeandiel Serrano, 21, were arrested and charged in September last year.

They were alleged to have conspired with others to carry out cryptocurrency thefts and launder the stolen cryptocurrency through exchanges and mixing services.

They would fraudulently gain access to the victim’s cryptocurrency accounts and transfer the funds into their possession.

They were alleged to have fraudulently obtained over 4,100 bitcoin (worth more than US$230 million at the time) from the victims in August 2024.

For each offence, Lam faces up to 20 years in prison, a fine of up to US$250,000, or twice the amount of his gains from the scam.