Two Men Indicted in $230 Million Crypto Laundering Conspiracy

Two California men were indicted with conspiracy to steal and launder over $230 million in cryptocurrency, the Justice Department announced Thursday.

According to the DOJ, Malone Lam, Jeandiel Serrano, and others fraudulently gained access to victim cryptocurrency accounts and then transferred victim funds into their possession, which they then laundered by moving the funds through various mixers and exchanges using “peel chains,” pass-through wallets, and virtual private networks to mask their true identities.

The DOJ said Lam and Serrano then spent the laundered proceeds on travel, nightclubs, luxury cars, watches, jewelry, handbags, and rental homes. In one instance, Lam, ...