A Miami man is facing charges after authorities said he teamed up with a California man in a scam to steal and launder over $230 million in cryptocurrency. It appears the arrest is connected with an FBI raid of a waterfront home in the area of Northeast 83rd Street and N. Bayshore Drive. After they fraudulently gained access to victims’ cryptocurrency accounts, they transferred the funds into their possession and laundered the proceeds, authorities said. Lam and Serrano spent the laundered cryptocurrency proceeds on international travel, partying in nightclubs, luxury automobiles, watches, jewelry, designer handbags, and rental homes in Los Angeles and Miami, authorities said. Prosecutors said the investigation into the scam is ongoing.

---

Persons: cryptocurrency . Malone Lam, Jeandiel Serrano, Anne Hathaway ”, Serrano, ”, Lam, Prosecutors Organizations: FBI, Attorney’s, District of Columbia Locations: Miami, California, cryptocurrency ., Los Angeles, U.S, Northeast, Lam, Singapore