Maloney was born in Silver Spring, Maryland, but grew up in Haddonfield, New Jersey.

He was also a three-time first-team All-Ivy selection, and was the Ivy League's Player of the Year his senior season.

Maloney holds several Quaker records, including a 37-point game (sophomore year vs. American; tied for fourth-best single game scoring performance in program history), 91 three-pointers made in single season (second all-time, 1992–93), 44.4% three-pointer field goal percentage (fifth all-time, 1992–93), 89.7% free throw percentage (61 of 68, first all-time, 1993–94), and 62 steals in a single season (fourth all time, 1993–94).

[1] Never drafted by a National Basketball Association team, Maloney made his debut for the Grand Rapids Mackers of the Continental Basketball Association (CBA) during the 1995–96 season and was named to the CBA All-Rookie Second Team.

[2] Maloney played with the Houston Rockets from 1996 to 1999,[3] the Chicago Bulls during 1999–2000 and the Atlanta Hawks for the 2000–01 and 2002–03 seasons.