Malone Lam is trending, this time as a hot meme that has risen to become one of the top trading pairs on decentralized exchanges

According to on-chain data, the Malone/Solana (SOL) trading pair on the Raydium DEX skyrocked more than 1,000% in 24 hours.

Malone Lam, a 20-year-old Singaporean national, was arrested in the U.S. over a $230 million Bitcoin (BTC) scam. The Federal Bureau of Investigation arrested Lam along with Jeandiel Serrano, 21, for fraud and money laundering after blockchain sleuth ZachXBT exposed them as the masterminds behind the crypto theft scheme. A third individual indicted in the swindle, Veer Chetal, had not been arrested at the time.

The arrest follows a months-long investigation by ZachXBT, a pseudonymous crypto sleuth who tracks illicit fund flows on the blockchain. ZachXBT began sleuthing after 3AC founders Su Zhu and Kyle Davies were accused of stealing customer funds and pivoting to a new scam.

After examining the blockchain, ZachXBT identified Lam and Serrano as the masterminds behind the scam, and linked them to the 2020 crypto hack of Harvest Finance. ZachXBT also identified Chetal as a close associate of Lam and Serrano.

Lam is accused of stealing the funds from a cryptocurrency scam that promised investors high returns on their digital assets. The funds were then laundered through a series of shell companies and offshore bank accounts.

The arrest of Lam is a significant development in the investigation into the crypto scam. It is hoped that the arrest will lead to the recovery of the stolen funds and the prosecution of those involved in the scam.