The U.S. Department of Justice, the Federal Bureau of Investigation (FBI) and the Internal Revenue Service (IRS) recently jointly cracked a large-scale cryptocurrency fraud case and arrested two male suspects in Los Angeles, 20-year-old Malone Lam, a Singaporean citizen who has residences in Miami and Los Angeles. There is also an accomplice from Los Angeles, 21-year-old Jeandiel Serrano.

It is reported that the two men were charged with conspiracy to defraud a citizen in Washington, DC, stealing 4,100#Bitcoinswith a market value of more than $230 million. Before their arrest, the two had spent lavishly in Los Angeles and Miami, buying luxury cars and mansions.