Two arrested in US$230 million cryptocurrency theft and laundering scheme

UNITED STATES: On Thursday (19 Sept), Malone Lam, 20, of Miami, FL, and Jeandiel Serrano, 21, of Los Angeles, CA, were charged with conspiracy to steal and launder over US$230 million in cryptocurrency from a Washington, D.C. victim. Both suspects were arrested on Wednesday night and charged in U.S. District Courts in Florida and California on Thursday. Lam, a Singaporean citizen known online as “Anne Hathaway” and “$$$,” and Serrano, who uses the aliases “VersaceGod” and “@SkidStar,” were charged with conspiracy to commit wire fraud and money laundering. They are accused of using their online identities to fraudulently obtain over 4,100 Bitcoin, valued at more than US$230 million, from a Washington, D.C. victim, according to a press release by the U.S. Department of Justice. According to the Miami Herald, the FBI raided a luxury waterfront home in Miami, FL, linked to Lam as part of the investigation. The 10-bedroom, 10-bath home, listed on Zillow for US$11.5 million, was reportedly rented out to celebrities and musicians. Agents arrested Lam in Miami, while Serrano was simultaneously apprehended in Los Angeles. Neighbours described seeing Maseratis and Lamborghinis frequently parked at the Miami residence. The indictment alleges that since at least August 2024, Lam and Serrano, along with unnamed accomplices, used sophisticated methods to gain access to victims’ cryptocurrency accounts. The stolen funds were laundered through cryptocurrency exchanges, "peel chains," pass-through wallets, and virtual private networks (VPNs) to obscure their origins. The suspects allegedly spent the proceeds on luxury goods, including cars, jewellery, and rental properties in both Miami and Los Angeles. The raid, which took place on Wednesday, was part of a grand jury indictment unsealed the next day. Agents were seen removing high-end vehicles from the property, and damage to the front gate was visible following the operation. Local police provided support to the FBI during the raid. The arrests were announced by U.S. Attorney Matthew M. Graves, FBI Acting Special Agent in Charge David Geist of the Washington Field Office, and Executive Special Agent in Charge Kareem A. Carter of the IRS-Criminal Investigation (IRS-CI) Washington, D.C. Field Office.