Investigation into the $243M social-engineering theft from a Genesis creditor by Malone Lam, Veer Chetal, Danish Zulfiqar, Jeandiel Serrano and associates, followed by criminal indictments and large recoveries of funds.
In August 2024 a single victim, a creditor of Genesis, was socially engineered out of roughly $243 million in cryptocurrency, one of the largest thefts from an individual ever recorded. The attackers posed as support staff, gained access, and drained the funds within hours.
What followed was an extraordinary tracing effort. The stolen funds splintered across dozens of wallets, mixers, and exchanges, but the thieves' spending (luxury cars, jewelry, nightclub bills paid in crypto) kept surfacing onchain. The investigation, conducted with several collaborators, connected the laundering flows to Malone Lam, Veer Chetal, Jeandiel Serrano, Danish Zulfiqar and their circle, documenting the evidence in public.
Within days of the investigation, an indictment was unsealed charging two men in the $230M+ scheme. A later superseding indictment charged twelve additional defendants in a RICO conspiracy spanning $263 million in thefts. The case also involved large recoveries of funds (the amounts are not public) and drew coverage as far as China Central Television (CCTV). It has become the canonical example of a public investigation preceding formal charges.
August 2024
A Genesis creditor is socially engineered out of roughly $243M in cryptocurrency by attackers posing as support staff.
September 19, 2024+2 months
Investigation published tracing the laundering flows and connecting the theft to Malone Lam, Veer Chetal, Danish Zulfiqar, Jeandiel Serrano and associates.
September 2024
An indictment is unsealed charging two men in the $230M+ cryptocurrency scam.
2025
Twelve additional defendants are charged in a RICO conspiracy covering over $263M in cryptocurrency thefts.
