Summary: Two individuals, Malone Lam and Jeandiel Serrano, were arrested by the U.S. Department of Justice for stealing over $230 million in cryptocurrency and attempting to launder the stolen funds through various exchanges and mixing services. The duo allegedly hacked into victims’ accounts and used the proceeds to fund lavish lifestyles, including luxury cars and international travel.
Threat Actor: Malone Lam and Jeandiel Serrano | Malone Lam, Jeandiel Serrano
Victim: Cryptocurrency holders | cryptocurrency holders
Key Point :
- Lam and Serrano conspired to steal cryptocurrency by hacking into victims’ accounts.
- They laundered the stolen funds using mixers, exchanges, and VPNs to conceal their identities.
- The duo used the proceeds to finance a luxurious lifestyle, including expensive cars and international trips.
The U.S. DoJ arrested two people, Malone Lam (20) (aka “Greavys,” “Anne Hathaway,” and “$$$”) and Jeandiel Serrano (21) (aka “Box,” “VersaceGod,” and “@SkidStar”) in Miami and charged them with stealing more than $230 million worth of cryptocurrency.
The duo attempted to launder the stolen cryptocurrency through crypto exchanges and mixing services.
“According in the indictment, since at least August 2024, Lam, Serrano, and others conspired to carry out cryptocurrency thefts and to launder the stolen crypto currency through exchanges and mixing services. The conspirators would fraudulently gain access to victim cryptocurrency accounts and then transfer victim funds into their possession.” reads the DoJ’s press release. “They laundered the proceeds, including by moving the funds through various mixers and exchanges using “peel chains,” pass-through wallets, and virtual private networks (VPNs) to mask their true identities.”
According to court documents, on August 18, the two men stole more than 4,100 Bitcoin (worth $230 million at the time) from a victim in Washington, D.C..
Lam and Serrano allegedly used the laundered cryptocurrency proceeds to fund international travel, buy luxury cars, watches, jewelry, designer handbags, and rent homes in Los Angeles and Miami.
Lam, Serrano, and others allegedly hacked victims’ cryptocurrency accounts, transferring the stolen funds to wallets under their control. Then laundered the stolen funds through various mixers and exchanges using “peel chains,” pass-through wallets, and virtual private networks (VPNs) to mask their true identities.
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Source: https://securityaffairs.com/168647/cyber-crime/us-doj-charged-two-men-stealing-laundering-230m.html