Miami, FL — A Miami man is facing serious charges following his alleged involvement in a sophisticated scheme to steal and launder over $230 million in cryptocurrency. The U.S. Attorney’s Office for the District of Columbia announced Thursday that Malone Lam, 20, and his accomplice, 21-year-old Jeandiel Serrano of Los Angeles, were arrested by the FBI on Wednesday night in connection with the scam.
Lam, who resides in Miami but is a citizen of Singapore, reportedly used the online aliases “Anne Hathaway” and “$$$,” while Serrano went by “VersaceGod” and “@SkidStar.” Authorities revealed that the duo had been collaborating with other conspirators since at least August to execute large-scale cryptocurrency thefts and launder the proceeds through a network of exchanges and mixing services.
The pair fraudulently accessed victims’ cryptocurrency accounts, transferring the stolen funds into their own possession, according to federal officials. To cover their tracks, the stolen assets were funneled through a complex web of tools including “peel chains,” pass-through wallets, and virtual private networks (VPNs), making it difficult to trace their true identities.
In one instance of the scam, Lam and Serrano targeted a victim in Washington, D.C., managing to fraudulently obtain over 4,100 Bitcoin—valued at more than $230 million at the time. Authorities said the stolen cryptocurrency was laundered through a variety of methods before being spent on extravagant lifestyles. The two men allegedly used the proceeds for luxury international travel, exclusive nightclubs, high-end cars, designer jewelry, handbags, and upscale rental properties in both Los Angeles and Miami.
The arrest of Lam appears to be connected with an FBI raid that took place earlier this week at a waterfront residence in Miami’s Northeast 83rd Street and Bayshore Drive area.
Federal prosecutors confirmed that the investigation remains ongoing as authorities continue to track the scope of the operation and identify additional conspirators involved in the laundering scheme.
Further charges and details about the case are expected to emerge as the case develops.
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