Two California men have been arrested by the FBI for allegedly stealing a whopping $250 million worth of Bitcoin from a victim in Washington D.C.
A Quarter Billion Bitcoin Heist
The U.S. Attorney’s Office for the District of Columbia says Malone Lam and Jeandiel Serrano are facing charges of conspiracy to steal and launder the stolen Bitcoin. The alleged heist began on August 18th, 2024, when the duo contacted the victim and managed to get their hands on a staggering 4,100 Bitcoin.
Laundering the Loot
To hide their tracks, Lam and Serrano allegedly used a variety of techniques to launder the stolen Bitcoin. They reportedly used “mixing services” and cryptocurrency exchanges, along with a method called “peel chains” to break down the large transactions into smaller ones. They also used “pass-through wallets” and VPNs to obscure the movement of funds on the blockchain.
Living the High Life
The pair allegedly used their ill-gotten gains to live a lavish lifestyle, splashing out on international travel, fancy nightclubs, luxury cars, designer watches, jewelry, and even rental homes in Los Angeles and Miami.
Facing the Music
If found guilty, Lam and Serrano could be forced to forfeit all the assets they bought with the stolen Bitcoin and pay a hefty fine.
