2024-01-16 08:38:55
Last week, Ukrainian police and Europol arrested a 29-year-old man, who is accused of mining $2 million worth of crypto using stolen resources. Europol press release said the suspect was arrested in Mykolaiv on January 9 following an unnamed cloud service provider alerted authorities that its user accounts had been hacked.
Cryptojacking is a particularly popular form of fraud
After the notification, the service provider, the Ukrainian police and Europol began to work together and reveal the details of the case. Three properties were searched during the investigation and the mastermind of the fraud is currently in prison. This type of crypto fraud is particularly common, although in our country it is more common to steal energy for the purpose of mining. Cryptojacking is essentially the unauthorized access to computing infrastructure by malicious actors who use computing power to mine crypto. This allows fraudsters to avoid paying costly bills and transfer them to targeted cloud providers.
According to a 2022 report released by Sysdig, these types of fraudsters they allegedly make $1 in profit for every $53 bill paid by victims. Using that estimate, the 29-year-old fraudster in question potentially caused $106 million in damage in bills to service providers. By the way, at the end of last year, we were able to write regarding the fact that the number of crypto frauds shows a decrease in recent years.
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