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.

Two men are set to appear in federal court Friday after being arrested on charges of stealing and laundering $230 million in cryptocurrency from a victim in Washington D.C., authorities announced.

The FBI received 69,000 cryptocurrency scam complaints in 2023 -- about half were related to investment fraud.

Malone Lam, 20, and Jeandiel Serrano, 21, schemed to obtain 4,100 Bitcoin from a single victim, federal prosecutors said.

Just one victim milked of nearly a quarter of a billion bucks Two individuals are in cuffs and facing serious charges in connection to a major theft of cryptocurrency worth more than $230 million from a single victim.

Malone Lam and Jeandiel Serrano were arrested Wednesday and indicted for stealing and laundering over $230 million worth of Bitcoin from a single victim in mid-August.

Malone Lam and Jeandiel Serrano allegedly spent the proceeds on nightclubs, luxury automobiles, watches and jewellery 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.