Federal prosecutors have announced the arrest of two individuals accused of stealing a staggering $230 million in cryptocurrency. The stolen funds were allegedly used to fuel a lavish lifestyle, underscoring the growing concern over the security of digital assets.
The accused, Malone Lam, 20, and Jeandiel Serrano, 21, are believed to have stolen the cryptocurrency from a person in Washington, D.C., back in August. The U.S. Attorney’s Office for the District of Columbia alleges that the stolen funds were laundered through various cryptocurrency exchanges and mixing services, according to The New York Times.
Lam, a Singaporean citizen who used aliases including “Anne Hathaway,” and Serrano, known as “VersaceGod,” concealed their alleged theft by distributing the stolen funds across multiple cryptocurrency exchanges and mixing services before embarking on a spending spree. They were apprehended by the F.B.I. on Wednesday.
An indictment unsealed last week charges Lam and Serrano with conspiracy to commit wire fraud and money laundering. While the indictment did not disclose how the duo gained access to the victim’s funds, it stated that they had engaged in digital communications with the victim.
Lam’s lawyer, Diego Weiner, has declared his intention to “vigorously defend” his client and requested that Lam be “presumed innocent” until proven guilty. Serrano’s lawyer could not be immediately reached for comment. The U.S. attorney’s office has not yet responded to requests for more details regarding the case.
This case serves as a stark reminder of the risks associated with cryptocurrency transactions. As cryptocurrency becomes more mainstream, it has also become a target for cybercriminals. This incident highlights the urgent need for enhanced security measures in the digital currency space to protect users and their digital assets.
The investigation into this alleged theft is ongoing.
