FBI Claims Arrested Cyber Crime Syndicate Co-Founder Medvedev Worth $800M+ in BTC

Cyber Crime Syndicate Co-Founder Worth 100,000 BTC Arrested in Thailand

The Federal Bureau of Investigation (FBI) has claimed that Sergey Sergeyvich Medvedev, a Russian national recently arrested in Bangkok, was the co-founder and second in command of the Infraud group – a notorious international cyber crime syndicate. It has been reported that at the time of his arrest, Mr. Medvedev was in possession of more than 100,000 bitcoins.

Also Read: Japan Cracks Down on Foreign ICO Agency Operating Without License

Accused Cyber Crime Syndicate Co-Founder Arrested in Thailand

Cyber Crime Syndicate Co-Founder Worth 100,000 BTC Arrested in Thailand
Sergey Medvedev arrested by Thai police

Sergey Sergeyvich Medvedev is accused of being the co-founder and second in command of the transnational crime syndicate, Infraud. The dark-web marketplace associated with the group was seized and taken offline by U.S. authorities.

Mr. Medvedev, a Russian national, fled to Thailand six years ago. Thailand’s Crime Suppression Division (CSD) identified the thirty-one-year-old as being located in Bangkok following an investigation prompted by American requests for cooperation with the FBI.

Maj. Nathapol Ratanamongkolsak of the CSD stated that “The United States […] requested assistance from Thai police, and the police commissioner ordered the Crime Suppression Division to work on this case in late 2017.”

Mr. Medvedev in Possession of Over 100,000 Bitcoins

Cyber Crime Syndicate Co-Founder Worth 100,000 BTC Arrested in ThailandMr. Medvedev was arrested during a raid on his apartment in the Sukhumvit area, conducted by 30 CSD officers. The CSD officers seized numerous documents and a notebook computer from Mr. Medvedev.

CSD investigators have claimed that Mr. Medvedev was trading illegal products online in exchange for bitcoin. Thai media outlet, Bangkok Post, has reported that “judging by the evidence obtained during the Feb 2 raid, [Mr. Medvedev] had more than 100,000 bitcoin[s]” – at the time valued at approximately $800 – $900 million USD.

Thailand’s Central Investigation Bureau (CIB) chief, Thitiraj Nhongharnpitak, has confirmed that the raid took place. However, the CIB chief has declined to issue further details regarding the operation, stating that such is an international police matter and that more information will be made public soon.

FBI Cracks Down on Infraud

Cyber Crime Syndicate Co-Founder Worth 100,000 BTC Arrested in ThailandIt is alleged that Infraud was created during 2001 by Mr. Medvedev in partnership with Svyatoslav Bondarenko in Ukraine. Infraud has been described as a major hub for credit card fraud, with Deputy Assistant Attorney General David Rybicki stating that the site was “the premier one-stop shop for cybercriminals worldwide.”

Reports have indicated that similar operations designed to arrest 18 members of Infraud have been carried out in over a dozen different countries – expanding on prior efforts by the FBI to crack down on Infraud, which have previously seen the arrest of 32 individuals suspected of criminal involvement with the group.

Maj. Nattapol Rattanamongkol stated “This is an operation by the [US] Department of Homeland Security that involves spontaneous [raids] in 14 countries.”

What is your reaction to the arrest of Mr. Medvedev? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Khao Sod


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Nuclear Engineers Arrested for Mining Cryptocurrency Using Government Supercomputer

Russian Nuclear Engineers Arrested for Secrectly Mining Cryptocurrencies

Russian nuclear scientists working at a top-secret nuclear center have been arrested for allegedly using the center’s computer facilities for the purpose of mining cryptocurrencies.

Also Read: Russia’s Largest Bank Caught Employees Mining For Crypto 

 Russian Nuclear Engineers Arrested for Secrectly Mining Cryptocurrencies

Russian Nuclear Engineers Arrested for Secrectly Mining CryptocurrenciesEngineers working for the All-Russian Research Institute of Experimental Physics at the Federal Nuclear Centre in Sarov have been arrested for using the power of a supercomputer to mine cryptocurrencies. The Federal Nuclear Center in Sarov is a restricted area, with the Soviet Union’s first nuclear weapon having been developed at the facility.

It has been reported that the engineers commandeered a supercomputer which is not meant to be connected to the internet in order to prevent intrusion. Upon connecting the computer to the internet, the nuclear center’s security department was immediately alerted. The unnamed scientists are now in the custody of the Federal Security Service.

Tatyana Zalesskaya, the head of the research institute’s press service, stated that “There has been an unsanctioned attempt to use computer facilities for private purposes including so-called mining,” adding, “As far as we are aware, a criminal case has been launched against them.” Zalesskaya noted that similar attempts have been made by the employees of Russian private companies possessing large computation power, describing such as a “criminal offense.”

Crimean Officials Previously Fired for Mining Cryptocurrencies

Russian Nuclear Engineers Arrested for Mining CryptocurrenciesIn October 2017, two officials of the Crimea Council of Ministers were fired for mining cryptocurrencies using government computer facilities. The Russian Federal Security Service identified the unsanctioned activities and fired the officials before they were able to realize their profits.

The Chairman of the Anti-Corruption Committee of the Republic of Crimea, Alexander Akshatin, stated at the time that the culprits “put malicious software on the server of the Crimean government, which opened access to the information stored on it. Concurrently, more than a dozen computers in the basement of the building were also used which gave this same access.”

Do you think that employees using their employers’ computer facilities and power to mine crypto will become a widespread issue in future? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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