A 20-year-old Miami man is among two being charged in a $230 million cryptocurrency theft and money laundering scam, according to a newly unsealed indictment.
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The suspects include Malone Lam, 20, and 21-year-old Jeandiel Serrano, of Los Angeles. The two were arrested by FBI agents on Wednesday evening (September 18). On Thursday, the U.S. Attorney’s Office for the District of Columbia released a statement revealing the arrests followed an FBI raid of a waterfront home in Miami.
Lam, who lives in Miami and Los Angeles but is a citizen of Singapore, has allegedly been working with Serrano and others since at least August to carry out several cryptocurrency thefts and to launder the stolen money through exchanges and mixing services. Authorities said that after the men allegedly fraudulently gained access to victims’ cryptocurrency accounts, they transferred the funds into their own and proceeded to launder the funds.
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During the process, the funders were moved through several mixers and exchanges using “peel chains,” pass-through wallets, and virtual private networks (VPNs) to hide their real identities. Authorities alleged that on one occasion, Lam (who goes by the online monikers “Anne Hathaway” and “$$$”), Serrano (who uses the online monikers “VersaceGod” and “@SkidStar”), and their co-conspirators contacted one victim out of Washington D.C.
Authorities said that during the August 18, 2024 incident, the suspects had communications with the victim and they fraudulently obtained over 4,100 Bitcoin, which was valued at over $230 million at the time.
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Authorities alleged that Lam, Serrano, and their co-conspirators had spent the laundered cryptocurrency funds on international travel, partying in nightclubs, luxury vehicles, watches, jewelry, designer handbags, and rental homes in Los Angeles and Miami.
Prosecutors in the case also claim the scam is still ongoing despite Lam and Serrano’s arrest and indictment. Additionally, the investigation is ongoing and is being handled by the U.S. Attorney’s Office for the District of Columbia, the FBI’s Washington Field Office, and the IRS-Criminal Investigation Washington Field Office.
Meanwhile, the news of Lam’s alleged scam has been taking over social media, and users have been having a field day.
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