Two individuals have been arrested after allegedly orchestrating a sophisticated theft of over $230 million in Bitcoin from a Washington, D.C. resident, reportedly connected to the beleaguered cryptocurrency lender Genesis. The arrests of Malone Lam, 20, and Jeandiel Serrano, 21, were announced by the U.S. Attorney’s Office for the District of Columbia on September 19.
The duo is accused of using various online aliases and advanced techniques to infiltrate the victim’s accounts and transfer the funds. The criminal activity began in August 2024, leveraging tactics such as impersonating legitimate customer support to gain the victim’s trust. They allegedly posed as google and Gemini support, convincing the target to reset two-factor authentication settings and ultimately gaining access to personal accounts.
Once in control, Lam and Serrano are said to have directed the victim to use screen-sharing software, enabling them to capture sensitive Bitcoin private keys. Initial investigations revealed that as much as $243 million in cryptocurrency was transferred in various directions, with funds rapidly moving through over 15 crypto exchanges. This created complex tracing challenges, particularly as the funds shifted between Bitcoin , Ethereum , litecoin , and Monero.
Blockchain investigator ZachXBT played a key role in assisting law enforcement throughout the investigation. Interestingly, a third individual, using the alias “Wiz,” has been identified as a potential accomplice. Recent follow-up inquiries uncovered that a set of Ethereum addresses related to Serrano and “Wiz” received more than $41 million from various exchanges.
Ongoing efforts have already resulted in the freezing of more than $9 million in assets, with around $500,000 successfully returned to the victim. The investigation continues with the cooperation of several federal authorities, including the FBI and the IRS.
