On August 19, 2024, 20-year-old Malone Lam and his accomplice Jeandiel Serrano orchestrated a brazen theft of 4,064 Bitcoin, valued at over $250 million, from a victim in Washington, D.C. The duo executed their scheme by posing as Google Support employees, tricking the victim into sharing sensitive information that allowed them to access and drain the victim’s cryptocurrency wallet.
According to federal prosecutors, Lam and Serrano’s operation began with a digital communication on August 18, where they manipulated the victim into resetting their two-factor authentication (2FA). This crucial step enabled the hackers to transfer the Bitcoin to wallets under their control. Following the theft, they employed various laundering techniques, including VPNs and pass-through wallets, to obscure the origins of the stolen funds.
Despite their efforts to cover their tracks, investigators were able to trace the stolen assets back to Lam and Serrano. Blockchain investigator ZackXBT played a pivotal role in identifying their activities, revealing that the scammers had recorded themselves during the heist in a Discord group chat.
In a shocking twist, Lam and Serrano squandered their ill-gotten gains on an extravagant lifestyle almost immediately after the theft. Reports indicate that Lam purchased over 10 luxury cars, rented high-end homes in Los Angeles and Miami, and spent between $250,000 and $500,000 per night at exclusive nightclubs. Among his purchases were a Lamborghini and a Hermès Birkin bag for a girl he liked—who ultimately rejected him.
The duo’s spending spree included international travel and lavish parties. They reportedly gifted designer handbags to women at clubs and hosted loud gatherings at their rental properties, drawing attention from law enforcement. One recipient of Lam’s generosity was food blogger Skylar Harrison, who shared videos on social media showcasing the extravagant lifestyle funded by stolen cryptocurrency.
On September 20, 2024, Lam and Serrano were arrested by the FBI and charged with conspiracy to commit wire fraud and money laundering. Their indictment revealed that they had attempted to conceal their illicit gains through various cryptocurrency exchanges before indulging in their lavish purchases.
Lam’s attorney has stated intentions to “vigorously defend” him against the charges while requesting that he be presumed innocent until proven guilty. The investigation remains ongoing as authorities continue to sift through evidence related to this high-profile case.
