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.

The men allegedly spent the laundered crypto proceeds on international travel, nightclubs, luxury cars, watches, jewelry, designer handbags and rental homes.

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.