Golden Finance reports that the U.S. Department of Justice today unsealed an indictment charging 20-year-old Malone Lam and 21-year-old Jeandiel Serrano with conspiracy to steal and launder over 4,100 bitcoins, worth approximately $230 million.

According to reports, 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.

The indictment alleges that starting in August 2024, Lam, Serrano, and their associates fraudulently obtained access to victims' cryptocurrency accounts and transferred funds to accounts they controlled. They then laundered the money through mixing services, exchanges, and VPNs, using the proceeds for international travel, nightclubs, luxury cars, and other extravagant purchases. The FBI and the Criminal Investigation Division of the Internal Revenue Service are currently conducting an ongoing investigation into the case.