December 1, 2024 at 03:28PM
Interpol’s Operation HAECHI V, funded by South Korea, led to over 5,500 anti-cybercrime arrests and seized over $400 million in assets from scams targeting various crimes. The operation, involving 40 countries, highlighted ongoing threats like romance scams and stablecoin thefts. Additionally, UK businesses lost £44 billion to cyberattacks in five years.
### Meeting Takeaways
#### Operation HAECHI V
– Interpol, with funding from the South Korean government, conducted Operation HAECHI V against cybercrime, resulting in over 5,500 arrests.
– The operation, which took place from July to November 2023, involved law enforcement cooperation from 40 countries and targeted various cyber-enabled crimes, including romance scams, online sextortion, and investment fraud.
– More than $400 million was seized, with a significant portion linked to a joint effort between Korea and China against a voice phishing syndicate.
– Interpol issued a “purple notice” to educate potential victims on current cyber threats.
– A notable emerging trend identified was the theft of stablecoins, particularly involving Tether, through traditional romance scams.
#### Critical Vulnerabilities
– Array Networks AG products have a severe authentication vulnerability (CVE-2023-28461) allowing remote code execution. Users are advised to update their software immediately.
– Russian cybercriminal group “RomCom” exploited two new vulnerabilities (CVE-2024-9680 for Firefox and CVE-2024-49039 for Windows) to execute code without user interaction. Both vulnerabilities have been patched.
#### Script Kiddies and Cyber Threats
– A new DDoS campaign named “Matrix,” operated by a script kiddie, is using easily accessible tools to create a botnet for sale on Telegram, highlighting the ongoing threat from less-experienced attackers.
#### Impact of Cyberattacks in the UK
– Cyberattacks cost UK businesses approximately £44 billion over the past five years, with over half of the surveyed firms reporting at least one attack.
– Common attacks included email compromise and data theft. A significant cybersecurity knowledge gap exists, as only 61% of firms use antivirus software and 55% use firewalls.
– Implementing basic cybersecurity measures could potentially reduce the costs of attacks by up to 75%.
#### Tornado Cash Sanctions
– A Fifth Circuit appeals court overturned the 2022 sanctions against Tornado Cash, ruling that the Treasury Department exceeded its authority in banning its use.
– The court determined that Tornado Cash’s smart contracts do not constitute ownership of the service and therefore are not liable for illicit use.
– The case will return to federal court in Texas for further proceedings.