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Miami authorities arrested two suspects this week, 20-year-old Malone Lam and 21-year-old Jeandiel Serrano, for their involvement in the theft and laundering of more then $230 million in crytocurrency. Both were charged with conspiracy to steal and launder funds using crypto exchanges and mixing services. On August 18, the suspects allegedly stole over 4,100 Bitcoin from a victim in Washington, D.C. by gaining unauthorized access to the victim’s cryptocurrency accounts. They transferred the funds to wallets they controlled and then laundered the stolen cryptocurrency using a combination of crypto mixers, peel chains, and VPNs to conceal their identities. According to court documents, Lam and Serrano used the laundered funds to finance lavish lifestyles, spending on luxury cars, high-end watches, designer handbags, and international travel. They were apprehended after investigators tracked their extravagant spending and social media activity. Cryptocurrency investigator ZachXBT assisted the FBI, identifying a third conspirator known as “Wiz.” The group targeted a creditor of the Genesis exchange, impersonating Google and Gemini support to compromise accounts. Despite efforts to obscure the funds, investigators traced $41 million in laundered cryptocurrency back to the suspects. Lam and Serrano were arrested following a months-long investigation that tracked their movements and spending habits in Los Angeles and Miami. Authorities continue to pursue leads on other possible conspirators and laundered funds.