Two young men have been arrested and indicted for allegedly stealing a staggering $230 million in Bitcoin from a Washington, DC resident. The scammers, identified as Malone Lam and Jeandiel Serrano, used sophisticated methods to gain access to the victim’s accounts and launder the proceeds.
The pair allegedly spent their ill-gotten gains on a lavish lifestyle, including international travel, luxury vehicles, and high-end real estate. Their spending spree caught the attention of law enforcement, who launched an investigation into their activities.
According to the US Attorney’s Office for the District of Columbia, the scammers targeted a single Genesis creditor on August 19. They used social engineering tactics, posing as Google and Gemini support, to trick the victim into compromising their personal accounts and revealing their Bitcoin private keys.
Once they had access to the victim’s funds, the scammers quickly moved the Bitcoin to various exchanges and laundered the proceeds. Blockchain sleuth ZachXBT played a key role in tracking the scammers’ activities and identifying their identities.
With the assistance of law enforcement and crypto forensic investigators, authorities have managed to recover a portion of the stolen funds. However, the investigation is ongoing, and there is still a significant amount of money unaccounted for.
Also Read: Binance Denies Involvement In $235M WazirX Hack, Demands Accountability Amid Legal Battle
The arrest and indictment of Lam and Serrano serve as a reminder of the risks associated with holding cryptocurrency. It is important to be vigilant about security and avoid falling victim to scams.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
