Corporal Maloney was a light weapons infantryman with Company C, 1st Battalion, 7th Cavalry Regiment, 1st Cavalry Division. He was Killed in Action in the I Corps assembly area north of Kaesong, North Korea, on 9 October 1950.

Maloney was awarded the Purple Heart, the Combat Infantryman's Badge, the Korean Service Medal, the United Nations Service Medal, the National Defense Service Medal, the Korean Presidential Unit Citation and the Republic of Korea War Service Medal.