A Miami man is facing charges after authorities say he conspired with a California man to steal and launder over $230 million worth of cryptocurrency.

Malone Lam, 20, and Jeandiel Serrano, 21, of Los Angeles, were arrested by the FBI on Wednesday evening, the U.S. Attorney’s Office for the District of Columbia said in a press release on Thursday.

The arrest appears to be related to an FBI raid on a waterfront home in the area of ​​Northeast 83rd Street and N. Bayshore Drive.

Lam, who lives in Miami but is a Singaporean citizen and goes by the online nicknames “Anne Hathaway” and “$$$,” and Serrano, who goes by the nicknames “VersaceGod” and “@SkidStar,” have been working with others since at least August to commit cryptocurrency thefts and launder the stolen cryptocurrency through exchanges and mixing services, authorities said.

Broward Sheriff’s Office

After fraudulently gaining access to victims’ cryptocurrency accounts, they transferred the funds into their possession and laundered the proceeds, authorities said.

The funds were moved through various mixers and exchanges, using peel chains, pass-through wallets and virtual private networks (VPNs) to conceal their true identities, the press release said.

In one case, Lam, Serrano and their accomplices contacted a victim in Washington and, through communications with that victim, fraudulently obtained over 4,100 bitcoins, worth over $230 million at the time, authorities said.

Lam and Serrano spent the proceeds from the laundered cryptocurrency on international travel, nightclub parties, luxury cars, watches, jewelry, designer handbags and rental homes in Los Angeles and Miami, authorities said.

The public prosecutor’s office announced that the investigation into this fraud is still ongoing.