Malone Lam, a 20-year-old Singapore citizen, and Jeandiel Serrano, a 21-year-old from Los Angeles, have been arrested for allegedly stealing and laundering over $230 million in Bitcoin from a victim in Washington, D.C.

The duo reportedly stole more than 4,100 Bitcoin, valued at over $230 million at the time, after contacting the victim on August 18, 2024.

The conspirators laundered the stolen cryptocurrency through various methods, including mixers, exchanges, and virtual private networks (VPNs) to conceal their identities.

Their scheme involved impersonating Google Support representatives to trick a creditor of the bankrupt crypto exchange Genesis into resetting the victim's two-factor authentication.

The Department of Justice revealed that the laundering involved making numerous small transactions through various exchanges, complicating tracking efforts.

The investigation into the cryptocurrency scam is ongoing, with prosecutors indicating that more details may emerge.

Prosecutors allege that Lam, Serrano, and their accomplices fraudulently accessed victims' cryptocurrency accounts and transferred the funds into their own possession.

Blockchain investigator ZachXBT described the crime as a highly sophisticated social engineering attack, assisting law enforcement in the investigation.

This incident highlights the increasing security concerns surrounding digital assets as cryptocurrency gains popularity, with the FBI noting a significant rise in related fraud.

After the theft, Lam and Serrano reportedly financed a lavish lifestyle, including international travel, luxury cars, and designer goods.

The arrests were made by the FBI during a raid on a luxury mansion in Miami, where both individuals appeared in court the following day.

Lam's lawyer has stated intentions to defend him vigorously and requested a presumption of innocence, while Serrano's lawyer was unavailable for comment.