Two individuals were arrested this week in Miami, accused of conspiring to steal and launder over $230 million worth of cryptocurrency.
The suspects, 20-year-old Malone Lam and 21-year-old Jeandiel Serrano, were apprehended by FBI agents after they allegedly executed a large-scale Bitcoin theft on August 18, transferring more than 4,100 Bitcoin from a victim based in Washington, D.C.
According to court documents, the suspects and their accomplices gained unauthorized access to victims’ cryptocurrency accounts, moving the stolen funds into their own crypto wallets. They reportedly used a combination of cryptocurrency mixers, exchanges, and VPNs to obscure their identities and movements. Despite these sophisticated methods, the authorities were able to track the stolen assets.
Crypto investigator ZachXBT, who assisted in the investigation, identified a third suspect known as “Wiz.” The group reportedly impersonated customer support from services like Google and Gemini to deceive victims into giving them access to their accounts. They used a remote desktop tool, AnyDesk, to access private keys, allowing them to steal funds.
After the initial theft, the stolen cryptocurrency was laundered through various exchanges and converted into different cryptocurrencies such as Litecoin, Ethereum, and Monero. However, mistakes made by the suspects linked them back to the original stolen amounts, and they were eventually tracked down. Their lavish lifestyle, which included spending on luxury cars, watches, and designer goods, further led investigators to their locations.
The FBI arrested Lam and Serrano after tracking their spending habits and gathering information from social media posts, which revealed their whereabouts in Los Angeles and Miami.
