Fri Sep 20 10:06:49 UTC 2024: ## Two Men Charged with Stealing $230 Million in Cryptocurrency
**Miami, FL – September 20, 2024** – The US Department of Justice (DoJ) has charged two men, Malone Lam and Jeandiel Serrano, with stealing and laundering over $230 million worth of cryptocurrency. The alleged crime spree began in August 2024 and involved hacking into victims’ cryptocurrency accounts and transferring funds to wallets controlled by the suspects.
The DoJ alleges that the pair used a sophisticated method of money laundering involving “peel chains,” pass-through wallets, and virtual private networks (VPNs) to obscure their identities and the origin of the stolen funds. They then used the laundered money for luxury purchases, including cars, watches, jewelry, designer handbags, and luxury homes in Los Angeles and Miami.
The indictment alleges a specific incident on August 18th, where Lam and Serrano stole over 4,100 Bitcoin (worth $230 million at the time) from a victim in Washington, D.C. The DoJ is currently seeking the recovery of the stolen cryptocurrency.
This case highlights the growing problem of cryptocurrency theft and the sophistication of money laundering techniques used by criminals. It also underscores the importance of robust cybersecurity measures for individuals and businesses alike to protect against such attacks.
First Piper 