The FBI in the US has arrested two people in connection with a crypto heist involving a single victim, where they allegedly stole and laundered cryptocurrency worth $230 million.
Malone Lam, 20, of Miami, FL, and Los Angeles, CA, and Jeandiel Serrano, 21, of Los Angeles, CA, were arrested, as confirmed by the District of Columbia’s U.S. Attorney’s Office in a statement released on Thursday.
The indictment against the duo includes charges of theft and money laundering. The official statement released by the U.S. Attorney’s Office reads: “The conspirators would fraudulently gain access to the victim’s cryptocurrency accounts and then transfer the victim’s funds into their possession. They laundered the proceeds, including by moving the funds through various mixers and exchanges, using ‘peel chains,’ pass-through wallets, and virtual private networks (VPNs) to mask their true identities.”
The two arrested had been using the stolen funds to support their lavish lifestyle. The indictment also reports that the stolen money was used for “international travel, nightclubs, luxury automobiles, watches, jewelry, designer handbags, and rental homes in Los Angeles and Miami.”
Investigations Are Ongoing
While the details of the victim and how exactly the two obtained such large amounts of cryptocurrency are not available at the moment, the U.S. Attorney’s Office says that both Lam and Serrano contacted the victim on August 18, 2024. Following the interaction, they managed to obtain 4,100 Bitcoins from the victim, then valued at $230 million.
The investigation is still ongoing. It is also important to note that the indictments are mere allegations, and the defendants have not yet been proven guilty.
Instances of crypto hacks and thefts have increased in recent months. Last month, the FBI also warned U.S. crypto firms to be vigilant against attacks by state-backed North Korean hackers.
Earlier today, a Singapore-based crypto exchange BingX also reported to have faced an attempted hack. While blockchain security firms have estimated the losses to be about $27 million, BingX has not confirmed any such amount.
