2 charged with $230 million cryptocurrency theft used for luxury cars, parties

Malone Lam, 20, and Jeandiel Serrano, 21, were charged on Thursday with stealing over $230 million in cryptocurrency, which they used to fund a lavish lifestyle of international travel, luxury cars, jewelry, nightclubs and high-end rental properties in Los Angeles and Miami, according to federal prosecutors.

The investigation: Lam, a Singaporean citizen using the alias “Anne Hathaway,” and Serrano, who went by “VersaceGod,” were arrested by the FBI on Wednesday. Both face charges of conspiracy to commit wire fraud and money laundering. Since at least August, Lam and Serrano allegedly accessed victims’ accounts and used exchanges, mixers and VPNs, along with tactics like “peel chains” and pass-through wallets, to conceal their identities. The investigation remains ongoing, with authorities still unclear on exactly how they gained access to the victim’s funds.
Lavish lifestyle: In one significant instance on Aug. 18, the duo and their conspirators stole over 4,100 Bitcoin, valued at more than $230 million, from a victim in Washington, D.C., and attempted to mask the crime by spreading the funds across multiple cryptocurrency exchanges. Miami police raided a mansion near Miami Shores connected to the investigation, rented via Airbnb, after neighbors noted that the home had drawn attention due to loud parties with luxury cars, such as Maseratis and Lamborghinis, spotted outside. The incident highlights the increasing number of cryptocurrency-related scams, some involving elaborate wire-fraud schemes and others using more direct means like stealing from victims’ smartphones.

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