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U.S. Charges Two in $260M Bitcoin Heist
Two individuals have been arrested for their role in a massive cryptocurrency theft, where they stole over 4,100 bitcoins and used complex methods to hide their tracks. The stolen funds fueled a luxurious lifestyle, including luxury cars and expensive items.
$230 Million Cryptocurrency Fraud Exposed
The U.S. Attorney’s Office for the District of Columbia has charged Malone Lam, 20, from Miami, and Jeandiel Serrano, 21, from Los Angeles, for conspiring to steal and launder over $230 million in cryptocurrency. The stolen funds came from a victim in Washington, D.C.
How They Pulled It Off
Lam and Serrano accessed cryptocurrency accounts illegally, transferring the stolen funds into their possession. They then laundered the money using a variety of techniques to conceal their identities, including crypto mixers* and VPNs**.
Lavish Lifestyle Funded by Stolen Crypto
Authorities revealed that the stolen cryptocurrency was used to fund a lavish lifestyle. The pair spent the money on international trips, nightclubs, luxury cars, designer watches, and high-end homes in Miami and Los Angeles.
The Scope of the Crime
In one case, the suspects managed to steal over 4,100 bitcoins, valued at $230 million at the time of the theft. With bitcoin now trading at $62,855, the value of the stolen funds has risen to about $258 million.
*Mixers: Tools used to hide the origin of cryptocurrency by blending it with others. **VPN: Virtual Private Network, a service used to mask online identity and location.
