As a seasoned researcher with a penchant for unraveling digital mysteries, I find myself in awe of the intricate web that cybercriminals weave, but even more so by the resilience and resourcefulness of individuals who fight against them. The case of Malone Iam, Veer Chetal, and Jeandiel Serrano is a stark reminder of the dark side of the digital age, yet it also showcases the power of collaboration and determination in bringing justice to light.
As a researcher, I found myself delving into an intriguing case where I uncovered that Los Angeles law enforcement apprehended at least two individuals implicated in a sophisticated social engineering scheme. This elaborate scam, worth approximately $243 million, was orchestrated against a solitary Genesis creditor.
In August, three individuals named Malone Iam, Veer Chetal, and Jeandiel Serrano were found to have defrauded a single creditor of Genesis Global for approximately $250 million by posing as a customer support representative from Gemini. The investigation, led primarily by crypto detective ZachXBT, uncovered several videos showing the trio celebrating their stolen funds and reveling in the success of their scam.
In a video posted online by an investigator, one of the suspects exclaimed, “I’m about to lose control,” following the group’s receipt of approximately 4,064 Bitcoin (BTC) from a swindled Genesis claimant. With the assistance of several other crooks, the funds were divided among more than a dozen digital exchanges and trading platforms, including Binance, eXch, and Thorswap.
In addition to stealing funds, the hackers shuffled the pilfered assets across Bitcoin, Litecoin (LTC), Ethereum (ETH), and Monero (XMR) to conceal their online trail. Following the robbery, this cybercrime group enjoyed a lavish lifestyle, partying in LA nightclubs and purchasing high-end cars in Miami.
In collaboration with blockchain investigative experts CF Investigators and ZeroShadow, ZachXBT sought assistance from the Binance Security Team. This cooperation resulted in the freezing of $9 million worth of assets that had been stolen.
In a September 19 post, ZachXBT stated that the victim regained approximately half a million dollars and collaborated extensively with investigative experts. On September 18, law enforcement authorities apprehended Iam and Serrano, who were part of the initial trio involved in the scam, in Los Angeles.
Based on ZachXBT’s findings, substantial blockchain transfers during the arrests imply that the local authorities confiscated larger amounts of funds from the suspects. As of now, it is unclear where Chetal, the last member of the group who has not been apprehended, currently is.
1/ Examination of the elaborate social engineering scam that Greavys (Malone Iam), Wiz (Veer Chetal), and Box (Jeandiel Serrano) allegedly used to swindle a staggering $243M from one individual last month. My contributions have played a significant role in numerous arrests and the freezing of millions of dollars.
— ZachXBT (@zachxbt) September 19, 2024
As a researcher, I uncover that Genesis, an affiliate company under Digital Currency Group, found itself in a challenging financial position, owing approximately $4 billion to around 100,000 creditors. This predicament was part of a broader crisis involving FTX and Three Arrows Capital, two significant players in the crypto sphere that succumbed following the collapse of Do Kwon’s Terraform blockchain ecosystem.
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2024-09-19 17:46