Miami-Based Singaporean Charged with Bitcoin Theft and Laundering
Bitcoin Theft and Laundering Operation
A Singaporean living in the United States was among two individuals charged with conspiring to steal and launder US$230 million in cryptocurrency on Thursday. The duo is accused of fraudulently obtaining over 4,100 bitcoin, valued at over US$230 million at that time, from a victim in Washington DC, according to the US Department of Justice.
Arrest Details
Malone Lam, a 20-year-old Singaporean residing in Miami and Los Angeles, and Jeandiel Serrano, 21, from Los Angeles, were apprehended by the FBI on Wednesday night. Lam, who operates under the online identities “Anne Hathaway” and “$$$,” alongside Serrano, known as “VesaceGod” and “@SkidStar,” appeared in court on Thursday.
Conspiracy and Laundering Techniques
Lam and Serrano, along with accomplices, allegedly conspired to carry out cryptocurrency thefts and launder stolen funds since at least August of this year. They fraudulently gained access to cryptocurrency accounts of victims, transferring funds to their control.
- Laundering Methods: The funds were laundered through various mixers and exchanges.
- Techniques included:
- “Peel chains” - A method for laundering large amounts through small transactions.
- Use of pass-through wallets.
- Employing virtual private networks (VPNs) to conceal their identities.
Allegedly, they used the laundered proceeds on international travel, nightlife, luxury cars, watches, jewelry, designer handbags, and rental properties in Los Angeles and Miami.
Investigations into the scam are ongoing.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.