FBI Arrests Two in $230 Million Crypto Theft During Miami Raid

Malone Lam and Jeandiel Serrano are accused of stealing over 4,100 Bitcoin, worth $230 million, from a Washington, D.C. victim.

A Singaporean national has been charged in the United States for allegedly conspiring to steal and launder over $230 million in a crypto theft scheme.

Malone Lam, 20, and Jeandiel Serrano, 21, are accused of fraudulently obtaining over 4,100 bitcoins from a victim in Washington, DC. The FBI arrested the suspects on Wednesday night, and the U.S. Department of Justice announced the charges on Thursday.

The duo is accused of stealing over 4,100 Bitcoin, valued at $230 million, from a Washington, D.C. victim and using the proceeds to fund an extravagant lifestyle that included luxury cars, jewelry, designer handbags, and homes in Los Angeles and Miami.

Lam, who went by the monikers “Anne Hathaway” and “$$$,” and Serrano, known as “VersaceGod” and “@SkidStar,” would reportedly flaunt their wealth at parties. Videos from these events showed them showing off their luxury cars and other expensive items.

The FBI carried out the raid at a rented mansion off North Bayshore Drive, with federal agents and City of Miami Police involved in the operation. Neighbors reported hearing loud noises, which were initially mistaken for fireworks, as smoke poured from the property during the search, which continued into the night. The suspects will appear in U.S. District Courts in Florida and California.

Singapore Blocks Crypto from Cashless Gambling

Cashless gambling will be permitted at Marina Bay Sands and Resorts World Sentosa in Singapore, but cryptocurrency transactions will not be allowed, South China Morning Post reported. This move follows parliament’s amendment of the Casino Control Act on September 10, 2024.

The country also raised the risk level for digital payment token providers from “medium-low” to “medium-high” following a terrorism financing risk assessment. Digital tokens are not widely used in Southeast Asia, but institutional adoption is increasing. According to Nansen, the Development Bank of Singapore (DBS) holds $650 million worth of Ethereum, which is linked to an anonymous whale who made over $200 million in profits.