Malone Lam Crypto Heist: $230M Bitcoin Fraud Uncovered

Malone Lam Crypto Scam: $230M Bitcoin Fraud Uncovered

A 20-year-old Singaporean, Malone Lam, and 21-year-old Jeandiel Serrano from Los Angeles have been charged with conspiring to steal and launder over US$230 million in cryptocurrency. The U.S. Department of Justice revealed on Thursday (Sep 19) that the pair fraudulently obtained over 4,100 Bitcoin from a victim in Washington, D.C. The FBI arrested both individuals on Wednesday, accusing them of masterminding a significant crypto theft operation.

Operating under the online names “Anne Hathaway” and “$$$,” Lam and Serrano, who used “VesaceGod” and “@SkidStar,” were involved in cryptocurrency fraud since at least August 2023. They gained unauthorized access to victim accounts and transferred funds into their control, according to the authorities. The duo allegedly used advanced techniques to launder the stolen cryptocurrency to cover their tracks, including using exchanges and mixers.

Malone Lam Crypto Scam: Laundering Techniques and Luxury Purchases

The accused used “peel chains” to move large amounts of cryptocurrency through a series of small transactions, making it difficult to trace. This method, along with using pass-through wallets and virtual private networks (VPNs), helped them mask their identities. The laundered proceeds were then reportedly used to fund a luxurious lifestyle, including purchases of designer handbags, luxury cars, and watches. They also spent lavishly on international travel, nightclubs, and rental homes in Miami and Los Angeles.

Malone Lam Crypto Scam Ongoing Investigation

The FBI continues to investigate the case, as officials believe the pair may not have acted alone. The full extent of their operation is still being unraveled, and more arrests could follow. This case highlights the increasing complexity of cryptocurrency-related crimes, as criminals use sophisticated methods to steal and launder digital assets while evading detection.

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