In just 90 days, a pair of young scammers went from plotting in Discord chats to living in multi-million dollar mansions, thanks to the largest cryptocurrency theft from a single victim in U.S. history. The accused fraudsters, Jeandiel Serrano, 21, and Malone Lam, 20, posed as technical support staff from Google and Gemini Crypto Exchange to execute their heist.
The scam unfolded through a sophisticated social engineering attack. "Prosecutors described how an unnamed co-conspirator — known only as 'swag' — caused an 'unauthorized Google account access' notification to appear on the victim's devices," reports Courthouse News Service. This created the perfect setup for Serrano and Lam to swoop in as fake security team members.
The duo's manipulation included convincing their victim to download remote access software, allowing them to watch his every move in real-time. Using Discord and Telegram to coordinate their attack, they managed to access the victim's private keys and steal over 4,100 Bitcoin in a matter of minutes.
The young scammers lived like MAGA grifters with their new fortune. "According to prosecutors, Serrano had begun renting a $47,500 per month rental home in Encino, California, meanwhile Lam was spending hundreds of thousands of dollars per night at Los Angeles nightclubs and purchasing custom Lamborghinis, Ferraris and Porsches," reports Courthouse News Service. Lam's extravagant spending included a $2 million watch, a $1 million Lamborghini Revuelto, and two Miami mansions. He even flew between Los Angeles and Miami via private jet.
The party came to an abrupt end when Serrano was arrested at LAX airport. He has since surrendered $20 million to the FBI and admitted to receiving up to $32 million from the scheme. Lam was nabbed shortly after in Miami. However, authorities say at least $100 million remains unaccounted for. Both men now face up to 20 years in prison if convicted of wire fraud and money laundering charges, with potential fines reaching $500,000. Well, it was fun while it lasted!
Previously:
• HBO Bitcoin documentary claims to unmask Satoshi Nakamoto
• Man sues council for £495m over a lost Bitcoin hard drive in landfill
• Hacker defies the odds, unlocks $3 million Bitcoin wallet locked since 2013
