PARIS, FRANCE - NOVEMBER 12: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display on November 12, 2024 in Paris, France. Bitcoin, the world's largest cryptocurrency, has been rising in value since the US election, reaching $89,637 at 8 a.m. this morning. For the first time in its history, the bitcoin cryptocurrency has surpassed the $90,000 threshold, supported by a wave of euphoria following the election of Donald Trump, considered favorable to cryptocurrencies, as president of the United States. (Photo illustration by Chesnot/Getty Images)
Washington, D.C. – Federal authorities have unsealed a sweeping indictment charging two young men — Malone Lam, 20, and Jeandiel Serrano, 21 — with orchestrating a vast cryptocurrency theft and laundering scheme that defrauded victims of over $230 million. Lam, a Singaporean national who split time between Miami and Los Angeles, and Serrano, a resident of Los Angeles, were arrested Tuesday night and appeared in federal court Wednesday in Florida and California, respectively.
According to the U.S. Attorney’s Office for the District of Columbia, Lam and Serrano — known online as “Anne Hathaway” and “VersaceGod” — were the ringleaders of a cybercriminal enterprise that, since at least August 2024, infiltrated cryptocurrency accounts, stole digital assets, and laundered the profits through elaborate methods involving crypto mixers, shell companies, VPNs, and luxury purchases.
The indictment alleges that Lam, Serrano, and their co-conspirators used social engineering and hacked databases to target high-value victims. In one incident alone on August 18, 2024, the group allegedly stole more than 4,100 Bitcoin — worth more than $230 million at the time — from a victim in Washington, D.C. In another case, they allegedly swiped over $14 million in crypto.
Twelve additional defendants were named in a four-count superseding indictment also unsealed Wednesday. According to prosecutors, the wide-ranging scheme began in late 2023 and grew out of relationships forged on online gaming platforms. Members held specialized roles such as database hackers, callers, target identifiers, money launderers, and even residential burglars.
Authorities say the stolen crypto funded an opulent lifestyle. Members of the group allegedly spent hundreds of thousands of dollars in nightclubs, rented mansions in Los Angeles and Miami, bought watches worth up to $500,000, and owned at least 28 exotic vehicles valued between $100,000 and $3.8 million each. In some cases, bulk cash was shipped through the mail inside squishmallow stuffed animals, and Birkins were hand-delivered to Lam’s girlfriend in Miami.
Authorities have accused some members of the group of violent crimes, including a July 2024 burglary in New Mexico where one conspirator allegedly broke into a victim’s home to steal their hardware crypto wallet while Lam tracked the victim’s location via iCloud.
Lam, who was already in custody from a prior September 2024 arrest, allegedly continued coordinating with members from behind bars. All defendants face potentially lengthy prison sentences under federal sentencing guidelines if convicted.
The ongoing investigation is being led by the FBI and IRS-Criminal Investigation units in Washington, with support from Los Angeles and Miami field offices.
