Cryptocurrencies

US charges two in $260M Bitcoin theft and laundering plot

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Two individuals, Malone Lam, 20, of Miami, and Jeandiel Serrano, 21, of Los Angeles, have been arrested and charged with orchestrating a large-scale cryptocurrency heist, stealing over 4,100 Bitcoin (CRYPTO:BTC)

The U.S. Attorney’s Office for the District of Columbia revealed that the stolen funds, valued at approximately $230 million at the time, have now surged to $260 million. 

According to the indictment, Lam and Serrano fraudulently accessed cryptocurrency accounts, transferring victim funds into their own possession. 

They employed sophisticated laundering techniques to obscure their tracks, including the use of multiple mixers, pass-through wallets, and virtual private networks (VPNs). 

These methods allowed them to disguise their identities while moving the stolen funds through various cryptocurrency exchanges. 

Authorities noted that the stolen cryptocurrency financed a lavish lifestyle for Lam and Serrano. 

"They spent the laundered cryptocurrency proceeds on international travel, nightclubs, luxury automobiles, watches, jewelry, designer handbags, and rental homes in Los Angeles and Miami," the Attorney’s Office stated. 

The extravagant spending further drew attention to their operation as they continued to launder the stolen Bitcoin. 

The indictment further revealed that one victim, based in Washington, D.C., was specifically targeted by the duo and their conspirators. 

They managed to defraud the victim of over 4,100 Bitcoin, marking one of the largest cryptocurrency thefts in recent years. 

At the time of reporting, the Bitcoin price was $63,484.69.

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