Investigation Into $230 Million Cryptocurrency Heist Linked to xQc Viewing

The Arrest and Investigation

Two men have been arrested for conspiracy to steal and launder over $230 million in cryptocurrency as they were reportedly watching xQc. Malone Lam, just 20 years old, and Jeandiel Serrano, 21, face serious allegations stemming from their attempts to defraud a victim in Washington, D.C. Following their arrests on September 18, 2024, they were presented in U.S. District Court for judicial proceedings in both Florida and California.

The Laundering Operation

The indictment details a sophisticated plan where Lam and Serrano allegedly facilitated various cryptocurrency thefts and laundering schemes. They utilized several methods, including virtual private networks (VPNs) and peel chains—a technique to obscure the origins of illicitly acquired cryptocurrency through many small transactions.

• In a video posted online, evidence surfaced of Serrano working with accomplices on laundering efforts.
• Surprisingly, an xQc stream played in the background during their operation.

Details of the Fraud

On August 18, 2024, Lam and Serrano contacted their victim in D.C., leading to the fraudulent acquisition of over 4,100 Bitcoin valued over $230 million at that time. They spent the stolen funds on extravagant items including luxury cars and watches, indicating a life of high expense funded through illicit activities.

FBI Raid and Ongoing Investigation

On September 18, FBI carried out a raid on Lam's Miami mansion, stirring substantial neighborhood commotion. Witnesses reported hearing explosive sounds, indicative of the operation's intensity.

The investigation into this significant cryptocurrency fraud continues, leaving many questions unanswered regarding the fate of those involved in this complex web of crime.