Summary:
$230 million in Bitcoin stolen in one of the largest crypto thefts in U.S. history.
Kidnapping of a Connecticut couple linked to the Washington crypto theft.
FBI arrested Malone Lam and Jeandiel Serrano for their roles in the heist.
Serrano was found wearing a $500,000 watch at the time of his arrest.
Over $100 million in stolen Bitcoin remains unaccounted for.
A Brazen Crime Spree
Two young men have been accused of orchestrating one of the largest cryptocurrency thefts in U.S. history, stealing $230 million in Bitcoin from a Washington, D.C., resident. Court records reveal their extravagant spending spree, which included exotic cars, a $2 million wristwatch, and nightclub tabs totaling hundreds of thousands of dollars.
Jakub Porzycki | NurPhoto via Getty Images
On August 18, the cyber heist left the victim's Bitcoin holdings significantly compromised, with at least $100 million still missing. Authorities are now investigating a kidnapping that occurred a week later, suspecting it may be linked to the crypto theft.
The Kidnapping Connection
On August 25, a Connecticut couple was kidnapped while house hunting, leading investigators to explore a possible ransom plot involving their son, who is under scrutiny for potential involvement in the crypto heist. Detective Sgt. Steven Castrovinci described the case as unprecedented in his 20 years of experience.
Arrests Made
On September 19, the FBI arrested Malone Lam and Jeandiel Serrano on conspiracy charges related to the theft and laundering of the stolen Bitcoin. Serrano, known online as “VersaceGod,” was found wearing a $500,000 watch at his arrest. Both men have confessed to their roles in the heist.
The Cyber Heist Explained
The scheme involved sophisticated social engineering tactics, where the conspirators manipulated the victim into revealing sensitive information. They posed as Google security personnel to gain access to the victim's financial data and ultimately stole over 4,100 Bitcoin.
Lavish Spending in Los Angeles
After the theft, Serrano and Lam indulged in a lavish lifestyle in Los Angeles, with Lam reportedly spending $400,000-$500,000 per night at clubs. He purchased 31 luxury cars, but many remain unaccounted for, including a $3.8 million Pagani Huayra.
A Shocking Kidnapping Incident
The kidnapping incident involved a violent abduction where the victims were threatened and bound before being left behind in a crashed van. Authorities arrested six suspects linked to the kidnapping, but the investigation into the son’s potential involvement in the crypto heist continues.
This case highlights the dangerous intersection of cryptocurrency crime and violent crime, raising questions about the safety and security of digital assets in the hands of individuals.
Current Status
As of now, about $70 million has been recovered or frozen, but over $100 million remains unaccounted for. Serrano has agreed to return $20 million of the stolen Bitcoin, but the investigation is ongoing as authorities seek to uncover the full extent of the crime and any remaining assets.
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