January 12, 2024 at 01:04PM
Europol-led investigation results in the arrest of a 29-year-old in Ukraine, suspected of orchestrating a multi-million-dollar cryptojacking scheme. The suspect exploited cloud environments to mine over $2 million worth of cryptocurrencies. Despite the involvement of a cloud provider and law enforcement, the identity of the individual remains under judicial secrecy. Cryptojacking’s profitability has dwindled compared to ransomware.
From the meeting notes, here are the key takeaways:
– A 29-year-old individual, suspected of leading a multimillion-dollar cryptojacking scheme, has been apprehended in Mykolaiv, Ukraine, following a collaborative effort between Europol, the National Police of Ukraine, and an unnamed cloud provider.
– The cloud provider shared compromised cloud user account information with Europol, leading to an investigation by Ukrainian authorities, ultimately resulting in the arrest.
– The arrested individual is believed to have mined over $2 million worth of cryptocurrencies by hijacking organizations’ cloud resources.
– Cryptojacking, the unauthorized use of computational resources for cryptocurrency mining, often targets cloud services for optimal results.
– Despite being a prominent cybercrime, recent research suggests that cryptojacking has become less popular compared to ransomware due to lower net returns.
Let me know if you need any further assistance or elaboration on these takeaways.