FBI Busts Duo Behind $250 Million Bitcoin Heist

The FBI have apprehended two individuals linked to a significant Bitcoin heist, where a single victim reportedly lost around $250 million in digital currency.

The U.S. Attorney’s Office for the District of Columbia announced charges against Malone Lam and Jeandiel Serrano, both from California, for conspiring to steal and launder a total of 4,100 BTC from a Washington D.C. resident.

Authorities claim the theft began on August 18, 2024, when the suspects first contacted the victim. Following the acquisition of the Bitcoin, they allegedly engaged in laundering the funds using mixing services and various exchanges, employing a tactic known as peel chains.

This method allows criminals to obscure the flow of stolen assets through numerous smaller transactions. To further hide their activities, they reportedly used pass-through wallets and virtual private networks (VPNs).

READ MORE:

New York Man Fined $36 Million for Defrauding Crypto Investors

The pair is said to have spent the stolen Bitcoin on luxury items, including international travel, high-end cars, watches, jewelry, designer handbags, and rental properties in Los Angeles and Miami.

If convicted, both Lam and Serrano may be ordered to forfeit all assets acquired through the theft and face financial penalties.

Alexander Stefanov