SINGAPORE: A Singaporean living in the United States was among two people , charged with conspiring to steal and launder , US$ 230 million in cryptocurrency on Thursday ( Sep 19 ).
The US Department of Justice said in a media release on Thursday that the couple are accused of defrauding a target in Washington, DC, and obtaining more than 4, 100 Bitcoin, which was at the time value more than US$ 30 million.
Murphy Lam, a 20-year-old Singaporean who lives in Miami and Los Angeles and Jeandiel Serrano, 21, from Los Angeles were arrested by the FBI on Wednesday nights.
Lam, who goes by the website pseudonyms” Anne Hathaway” and”$$$”, and Serrano, who uses” VesaceGod” and” @SkidStar” appeared in court on Thursday, read the press release.
Since at least August this season, Lam, Serrano, and others have reportedly conspired to carry out crypto incidents and to use “interchanges and stirring providers” to launder the stolen crypto.
According to the press release, the conspirators had knowingly gain access to target bitcoin accounts and then move target funds into their hands.
They laundered the proceeds, including by moving the money through various machines and markets using “peel stores”, pass-through pockets, and virtual private networks (VPNs ) to mask their true names.
A fruit ring is a method for laundering large sums of cryptocurrency that has been obtained illegally through a series of smaller purchases.
The couple then reportedly spent the laundered crypto money on international travel, bars, luxury cars, pieces, jewellery, designer totes and rental homes in Los Angeles and Miami.
Investigation into the scam is continued.