US Justice Department Charges Two Men with Stealing Over $230 Million in Bitcoin

The US Department of Justice today announced the indictment of 20-year-old Malone Lam and 21-year-old Jeandiel Serrano for allegedly conspiring to steal and launder over 4,100 Bitcoins, worth approximately $230 million.

The two suspects were arrested last night and will appear in US District Court in the Southern District of Florida and the Central District of California, respectively.

The indictment alleges that Lam, Serrano, and their associates fraudulently gained access to victims' cryptocurrency accounts starting in August 2024, transferring funds to accounts under their control. They then allegedly 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 this case.