US and Europe Crack Down on Cybercrime Networks Defrauding Billions
In a major operation, the US and Europe have separately announced significant takedowns of cybercrime networks that have defrauded people of billions of dollars.
The US has apprehended Chinese national YunHe Wang and confiscated assets including a Ferrari, luxury watches, and 21 properties.
Meanwhile, Europol, Europe’s crime agency, has made four arrests but stated that eight fugitives are currently on the run. These fugitives will soon be added to Europe’s “most wanted” list.
Both the US Department of Justice (DoJ) and Europol have claimed that their operations represent the most substantial bust of a “botnet” in the world.
Cybercriminals utilize botnets to hijack people’s computers and install malicious software.
This software can then be used to gather data from a computer, send spam, or even delete personal data without the owner’s consent.
The DoJ alleges that Wang used a botnet to breach more than 19 million devices across nearly 200 countries.
Nicole Argentieri, principal deputy assistant attorney general, stated: “Wang developed malware that compromised millions of residential computers globally and then sold access to the infected computers to cybercriminals.”
These criminals utilized this access to conceal their identities and commit various offenses anonymously, including fraud, child exploitation, harassment, and even bomb threats.
It is estimated that over 500,000 fraudulent unemployment insurance claims were sent from computers under Wang’s control, resulting in a loss of more than $5.9 billion.
The DOJ alleges that Wang used the proceeds to purchase $60 million worth of luxury assets, including a Ferrari, a Rolls-Royce, two BMWs, several watches, bank accounts, and cryptocurrency wallets.
He also invested in properties in the US, St Kitts and Nevis, China, Singapore, Thailand, and the United Arab Emirates.
Law enforcement agencies in Singapore and Thailand, as well as tech giant Microsoft, assisted in the investigation.
Wang faces charges of conspiracy to commit computer fraud, substantive computer fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. If convicted on all counts, he could face up to 65 years in prison.
On the other hand, Europol announced the arrest of the ringleaders of several cybercrime networks that utilized botnets.
Arrests were made in Armenia and Ukraine, and servers were taken down worldwide, including in the UK, the US, and Germany.
More than 2,000 websites are now under the control of European law enforcement.
One of the main suspects reportedly earned over €69 million in cryptocurrency through ransomware attacks.
Eight fugitives wanted in Germany for their involvement in cybercrime will be added to Europe’s most wanted list.
The malicious software primarily infected devices through phishing attempts and compromised websites.
Europol’s operation, dubbed Operation Endgame, is ongoing with plans for future busts. — BBC
