20-Year-Old Scammer Siphoned 4,100 BTC & Bought Adult Entertainer Luxury Bags

The digital age has transformed the world for the better and sometimes for the worse. The crypto world is already tumultuous due to major market transitions. Firstly, Trump’s decision to impose newer tariffs on its major trade partners, China, Canada, and Mexico. Secondly, the looming threat of a major trade war. 

However, the most bizarre development in the crypto community is an audacious heist by a 20-year-old. This young scammer stole 4,100 BTC worth $402 million from a hapless victim and spent it in the most flamboyant way possible.  

The perpetrator has been identified as Malone. The heist took place before the recent market crash and is often touted as one of the most audacious crypto heists in a while. However, his happiness was short-lived as he brandished this act on social media, which led the cops to his doorstep. 

The Scam 

Malone used the oldest trick in the book, social engineering, to pull off the scam. He sent an “unauthorized Google account access” notification to the victim. A few days later, he called the victim to inquire about the same. After a brief exchange, Malone accessed the victim’s Google Drive. 

The drive contained sensitive information about the victims holding Gemini tokens. At this point, he roped in a partner named Jeandiel Serrano. Serrano posed as a Gemini security employee. Serrano convinced the victim to download software to protect his crypto assets. 

This allowed the duo to siphon funds of 4,100 BTC, which had a cumulative value of $220 million at the time. The most bizarre part of the whole situation was the way the duo spent the money. 

The 20-year-old Malone and 21-year-old Serrano bought 31 supercars, watches worth 2 million, spent roughly around $569K in one night and even gifted 5 Hermes bags to adult entertainer Sky Bri and another lady. Soon, the Feds were all over Malone, and he was apprehended. 

The indictment statement of Malone and Serrano read, “An indictment was unsealed today charging Malone Lam, 20, of Miami, FL and Los Angeles, CA, and Jeandiel Serrano, 21, of Los Angeles, CA, with conspiracy to steal and launder over $230 million in cryptocurrency from a victim in Washington, D.C.  Lam, a citizen of Singapore who goes by the online monikers “Anne Hathaway” and “$$$”, and Serrano, who uses “VersaceGod” and “@SkidStar”, was arrested last night and are appearing in U.S. District Court for the Southern District of Florida and the Central District of California, respectively, today.” 

End Note

This is not the first time something like this has happened. As per data presented by the Motley Fool, Americans lost around $3.9 billion in investment assets in the first quarter of the year. This shows the severity of the problem and the urgency that the matter needs.