TechFlow news: The U.S. Department of Justice today unsealed an indictment charging 20-year-old Malone Lam and 21-year-old Jeandiel Serrano with conspiring to steal and launder more than 4,100 bitcoins worth approximately $230 million.
The two suspects were arrested last night and will appear in U.S. District Courts for the Southern District of Florida and the Central District of California, respectively.
According to the indictment, since August 2024, Lam, Serrano, and their accomplices gained unauthorized access to victims' cryptocurrency accounts through fraudulent means and transferred the funds to accounts under their control. They then laundered the proceeds using mixing services, exchanges, and VPNs, spending the illicit gains on international travel, nightclubs, luxury vehicles, and high-end goods. The FBI and IRS Criminal Investigation Division are continuing their investigation into the case.
