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Category — Financial Crime
NCA Busts Russian Crypto Networks Laundering Funds and Evading Sanctions

NCA Busts Russian Crypto Networks Laundering Funds and Evading Sanctions

Dec 05, 2024 Cryptocurrency / Financial Crime
The U.K. National Crime Agency (NCA) on Wednesday announced that it led an international investigation to disrupt Russian money laundering networks that were found to facilitate serious and organized crime across the U.K., the Middle East, Russia, and South America. The effort, codenamed Operation Destabilise , has resulted in the arrest of 84 suspects linked to two Russian-speaking networks Smart and TGR. In addition, £20 million ($25.4 million) in cash and cryptocurrency has been seized. Both the businesses are based in Moscow's Federation Tower, per The Telegraph , which is known to act as a hub for money laundering firms . Concurrent with the takedown and arrests, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned five individuals and four entities associated with the TGR Group. "Through the TGR Group, Russian elites sought to exploit digital assets – in particular U.S. dollar-backed stablecoins – to evade U.S. and in...
Bitcoin Fog Founder Sentenced to 12 Years for Cryptocurrency Money Laundering

Bitcoin Fog Founder Sentenced to 12 Years for Cryptocurrency Money Laundering

Nov 09, 2024 Cryptocurrency / Cybercrime
The 36-year-old founder of the Bitcoin Fog cryptocurrency mixer has been sentenced to 12 years and six months in prison for facilitating money laundering activities between 2011 and 2021. Roman Sterlingov, a dual Russian-Swedish national, pleaded guilty to charges of money laundering and operating an unlicensed money-transmitting business earlier this March. The U.S. Department of Justice (DoJ) described Bitcoin Fog as the darknet's longest-running cryptocurrency mixer , allowing cybercriminals to conceal the source of their cryptocurrency proceeds. "Over the course of its decade-long operation, Bitcoin Fog gained notoriety as a go-to money laundering service for criminals seeking to hide their illicit proceeds from law enforcement and processed transactions involving over 1.2 million bitcoin, valued at approximately $400 million at the time the transactions occurred," the DoJ said . "The bulk of this cryptocurrency came from darknet marketplaces and was tied ...
How AI Is Transforming IAM and Identity Security

How AI Is Transforming IAM and Identity Security

Nov 15, 2024Machine Learning / Identity Security
In recent years, artificial intelligence (AI) has begun revolutionizing Identity Access Management (IAM), reshaping how cybersecurity is approached in this crucial field. Leveraging AI in IAM is about tapping into its analytical capabilities to monitor access patterns and identify anomalies that could signal a potential security breach. The focus has expanded beyond merely managing human identities — now, autonomous systems, APIs, and connected devices also fall within the realm of AI-driven IAM, creating a dynamic security ecosystem that adapts and evolves in response to sophisticated cyber threats. The Role of AI and Machine Learning in IAM AI and machine learning (ML) are creating a more robust, proactive IAM system that continuously learns from the environment to enhance security. Let's explore how AI impacts key IAM components: Intelligent Monitoring and Anomaly Detection AI enables continuous monitoring of both human and non-human identities , including APIs, service acc...
LockBit Ransomware and Evil Corp Members Arrested and Sanctioned in Joint Global Effort

LockBit Ransomware and Evil Corp Members Arrested and Sanctioned in Joint Global Effort

Oct 03, 2024 Cybercrime / Ransomware
A new wave of international law enforcement actions has led to four arrests and the takedown of nine servers linked to the LockBit (aka Bitwise Spider) ransomware operation, marking the latest salvo against what was once a prolific financially motivated group. This includes the arrest of a suspected LockBit developer in France while on holiday outside of Russia, two individuals in the U.K. who allegedly supported an affiliate, and an administrator of a bulletproof hosting service in Spain used by the ransomware group, Europol said in a statement. In conjunction, authorities outed a Russian national named Aleksandr Ryzhenkov (aka Beverley, Corbyn_Dallas, G, Guester, and Kotosel) as one of the high-ranking members of the Evil Corp cybercrime group, while simultaneously painting him as a LockBit affiliate. Sanctions have also been announced against seven individuals and two entities linked to the e-crime gang. "The United States, in close coordination with our allies and part...
cyber security

Creating, Managing and Securing Non-Human Identities

websitePermisoCybersecurity / Identity Security
A new class of identities has emerged alongside traditional human users: non-human identities (NHIs). Permiso Security's new eBook details everything you need to know about managing and securing non-human identities, and strategies to unify identity security without compromising agility.
U.S. Sanctions Two Crypto Exchanges for Facilitating Cybercrime and Money Laundering

U.S. Sanctions Two Crypto Exchanges for Facilitating Cybercrime and Money Laundering

Sep 27, 2024 Cryptocurrency / Financial Crime
The U.S. government on Thursday sanctioned two cryptocurrency exchanges and unsealed an indictment against a Russian national for his alleged involvement in the operation of several money laundering services that were offered to cybercriminals. The virtual currency exchanges, Cryptex and PM2BTC, have been alleged to facilitate the laundering of cryptocurrencies possibly obtained through cybercrime. The coordinated action was carried out in collaboration with the Netherlands Police and the Dutch Fiscal Intelligence and Investigation Service (FIOD) as part of an ongoing law enforcement crackdown called Operation Endgame . Pursuant to the exercise, the websites associated with both the exchanges have been confiscated and replaced with a law enforcement seizure banner. Furthermore, it has led to the seizure of cryptocurrency worth €7 million ($7.8 million). "The United States and our international partners remain resolute in our commitment to prevent cybercrime facilitators li...
Czech Mobile Users Targeted in New Banking Credential Theft Scheme

Czech Mobile Users Targeted in New Banking Credential Theft Scheme

Aug 20, 2024 Mobile Security / Banking Fraud
Mobile users in the Czech Republic are the target of a novel phishing campaign that leverages a Progressive Web Application (PWA) in an attempt to sidestep security protections and steal their banking account credentials. The attacks have targeted the Czech-based Československá obchodní banka (CSOB), as well as the Hungarian OTP Bank and a Georgian Bank, according to Slovak cybersecurity company ESET. "The phishing websites targeting iOS instruct victims to add a Progressive Web Application ( PWA ) to their home-screens, while on Android the PWA is installed after confirming custom pop-ups in the browser," security researcher Jakub Osmani said . "At this point, on both operating systems, these phishing apps are largely indistinguishable from the real banking apps that they mimic." What's notable about this tactic is that users are deceived into installing a PWA, or even WebAPKs in some cases on Android, from a third-party site without having to specificall...
U.S. DoJ Indicts North Korean Hacker for Ransomware Attacks on Hospitals

U.S. DoJ Indicts North Korean Hacker for Ransomware Attacks on Hospitals

Jul 26, 2024 Cybercrime / Healthcare
The U.S. Department of Justice (DoJ) on Thursday unsealed an indictment against a North Korean military intelligence operative for allegedly carrying out ransomware attacks against healthcare facilities in the country and funneling the payments to orchestrate additional intrusions into defense, technology, and government entities across the world. " Rim Jong Hyok and his co-conspirators deployed ransomware to extort U.S. hospitals and health care companies, then laundered the proceeds to help fund North Korea's illicit activities," said Paul Abbate, deputy director of the Federal Bureau of Investigation (FBI). "These unacceptable and unlawful actions placed innocent lives at risk." Concurrent with the indictment, the U.S. Department of State announced a reward of up to $10 million for information that could lead to his whereabouts, or the identification of other individuals in connection with the malicious activity. Hyok, part of a hacking crew dubbed Andarie...
Chinese Nationals Arrested for Laundering $73 Million in Pig Butchering Crypto Scam

Chinese Nationals Arrested for Laundering $73 Million in Pig Butchering Crypto Scam

May 19, 2024 Blockchain / Financial Crime
The U.S. Department of Justice (DoJ) has charged two arrested Chinese nationals for allegedly orchestrating a pig butchering scam that laundered at least $73 million from victims through shell companies. The individuals, Daren Li, 41, and Yicheng Zhang, 38, were arrested in Atlanta and Los Angeles on April 12 and May 16, respectively. The foreign nationals have been "charged for leading a scheme to launder funds to the tune of at least $73 million tied to an international crypto investment scam," Deputy Attorney General Lisa Monaco  said . Prosecutors have accused Li, Zhang, and their co-conspirators of managing an international syndicate that laundered the funds obtained via cryptocurrency investment scams. As part of the fraudulent operation, victims are said to have been tricked into transferring millions of dollars to U.S. bank accounts that were opened in the name of various shell companies. "A network of money launderers then facilitated the transfer of those...
Russian Operator of BTC-e Crypto Exchange Pleads Guilty to Money Laundering

Russian Operator of BTC-e Crypto Exchange Pleads Guilty to Money Laundering

May 07, 2024 Cryptocurrency / Cybercrime
A Russian operator of a now-dismantled BTC-e cryptocurrency exchange has  pleaded guilty  to money laundering charges from 2011 to 2017. Alexander Vinnik, 44, was charged in January 2017 and taken into custody in Greece in July 2017. He was subsequently  extradited  to the U.S. in August 2022. Vinnik and his co-conspirators have been accused of owning and managing BTC-e, which allowed its criminal customers to trade in Bitcoin with high levels of anonymity. BTC-e is said to have facilitated transactions for cybercriminals worldwide, receiving illicit proceeds from numerous computer intrusions and hacking incidents, ransomware scams, identity theft schemes, corrupt public officials, and narcotics distribution rings. The crypto exchange received more than $4 billion worth of bitcoin over the course of its operation, according to the U.S. Department of Justice (DoJ). It also processed over $9 billion-worth of transactions and served over on...
Ukrainian REvil Hacker Sentenced to 13 Years and Ordered to Pay $16 Million

Ukrainian REvil Hacker Sentenced to 13 Years and Ordered to Pay $16 Million

May 02, 2024 Ransomware / Cyber Crime
A Ukrainian national has been sentenced to more than 13 years in prison and ordered to pay $16 million in restitution for carrying out thousands of ransomware attacks and extorting victims. Yaroslav Vasinskyi (aka Rabotnik), 24, along with his co-conspirators part of the  REvil ransomware group  orchestrated more than 2,500 ransomware attacks and demanded ransom payments in cryptocurrency totaling more than $700 million. "The co-conspirators demanded ransom payments in cryptocurrency and used cryptocurrency exchangers and mixing services to hide their ill-gotten gains," the U.S. Department of Justice (DoJ)  said . "To drive their ransom demands higher, Sodinokibi/REvil co-conspirators also publicly exposed their victims' data when victims would not pay ransom demands." Vasinskyi was  extradited  to the U.S. in March 2022 following his arrest in Poland in October 2021. REvil, prior to formally going offline in late 2021, was responsible ...
Bitcoin Forensic Analysis Uncovers Money Laundering Clusters and Criminal Proceeds

Bitcoin Forensic Analysis Uncovers Money Laundering Clusters and Criminal Proceeds

May 01, 2024 Financial Crime / Forensic Analysis
A forensic analysis of a graph dataset containing transactions on the Bitcoin blockchain has revealed clusters associated with illicit activity and money laundering, including detecting criminal proceeds sent to a crypto exchange and previously unknown wallets belonging to a Russian darknet market. The  findings  come from Elliptic in collaboration with researchers from the MIT-IBM Watson AI Lab. The 26 GB dataset, dubbed  Elliptic2 , is a "large graph dataset containing 122K labeled subgraphs of Bitcoin clusters within a background graph consisting of 49M node clusters and 196M edge transactions," the co-authors  said  in a paper shared with The Hacker News. Elliptic2 builds on the  Elliptic Data Set  (aka Elliptic1), a transaction graph that was made public in July 2019 with the goal of  combating financial crime  using graph convolutional neural networks ( GCNs ). The idea, in a nutshell, is to uncover u...
FBI's Most-Wanted Zeus and IcedID Malware Mastermind Pleads Guilty

FBI's Most-Wanted Zeus and IcedID Malware Mastermind Pleads Guilty

Feb 18, 2024 Malware / Cybercrime
A Ukrainian national has pleaded guilty in the U.S. to his role in two different malware schemes, Zeus and IcedID, between May 2009 and February 2021. Vyacheslav Igorevich Penchukov (aka Vyacheslav Igoravich Andreev, father, and tank), 37, was  arrested  by Swiss authorities in October 2022 and extradited to the U.S. last year. He was added to the FBI's most-wanted list in 2012. The U.S. Department of Justice (DoJ)  described  Penchukov as a "leader of two prolific malware groups" that infected thousands of computers with malware, leading to ransomware and the theft of millions of dollars. This included the Zeus banking trojan that facilitated the theft of bank account information, passwords, personal identification numbers, and other details necessary to login to online banking accounts. Penchukov and his co-conspirators, as part of the "wide-ranging racketeering enterprise" dubbed Jabber Zeus gang, then masqueraded as employees of the victims to initiate ...
North Korea's Cyber Heist: DPRK Hackers Stole $600 Million in Cryptocurrency in 2023

North Korea's Cyber Heist: DPRK Hackers Stole $600 Million in Cryptocurrency in 2023

Jan 08, 2024 Cryptocurrency / Financial Crime
Threat actors affiliated with the Democratic People's Republic of Korea (also known as North Korea) have plundered at least $600 million in cryptocurrency in 2023. The DPRK "was responsible for almost a third of all funds stolen in crypto attacks last year, despite a 30% reduction from the USD 850 million haul in 2022," blockchain analytics firm TRM Labs  said  last week. "Hacks perpetrated by the DPRK were on average ten times as damaging as those not linked to North Korea." There are indications that  additional breaches  targeting the crypto sector towards the end of 2023 could push this figure higher to around $700 million. The targeting of cryptocurrency companies is not new for North Korean state-sponsored actors, who have  stolen about $3 billion  since 2017. These financially motivated attacks are seen as a crucial revenue-generation mechanism for the sanctions-hit nation, funding its weapons of mass destruction (WMD) and ballistic missile pr...
3,500 Arrested in Global Operation HAECHI-IV Targeting Financial Criminals

3,500 Arrested in Global Operation HAECHI-IV Targeting Financial Criminals

Dec 20, 2023 Financial Crime / Cyber Threat
A six-month-long international police operation codenamed  HAECHI-IV  has resulted in the arrests of nearly 3,500 individuals and seizures worth $300 million across 34 countries. The exercise, which took place from July through December 2023, took aim at various types of financial crimes such as voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud, and e-commerce fraud. In addition, authorities froze associated bank and virtual asset service provider (VASP) accounts in an effort to shut off access to criminal proceeds. In total, authorities blocked 82,112 suspicious bank accounts, confiscating $199 million in hard currency and $101 million in virtual assets. "Cooperation between Filipino and Korean authorities led to the arrest in Manila of a high-profile online gambling criminal after a two-year manhunt by Korea's National Police Agency," Interpol, an internation...
Four U.S. Nationals Charged in $80 Million Pig Butchering Crypto Scam

Four U.S. Nationals Charged in $80 Million Pig Butchering Crypto Scam

Dec 18, 2023 Cryptocurrency / Online Scam
Four U.S. nationals have been charged for participating in an illicit scheme that earned them more than $80 million via cryptocurrency investment scams. The defendants – Lu Zhang, 36, of Alhambra, California; Justin Walker, 31, of Cypress, California; Joseph Wong, 32, Rosemead, California; and Hailong Zhu, 40, Naperville, Illinois – have been charged with conspiracy to commit money laundering, concealment money laundering, and international money laundering. The U.S. Department of Justice (DoJ), which announced the arrests of both Zhang and Walker in connection with the fraudulent operation, said the quartet opened shell companies and bank accounts to carry out  pig butchering scams , transferring the ill-gotten funds to domestic and international financial entities. If convicted, Zhang and Walker face a maximum penalty of 20 years in prison. Their alleged co-conspirators remain at large. "The overall fraud scheme in the related pig-butchering syndicate involved at least 284...
U.S. Takes Down IPStorm Botnet, Russian-Moldovan Mastermind Pleads Guilty

U.S. Takes Down IPStorm Botnet, Russian-Moldovan Mastermind Pleads Guilty

Nov 15, 2023 Cyber Crime / Network Security
The U.S. government on Tuesday announced the takedown of the IPStorm botnet proxy network and its infrastructure, as the Russian and Moldovan national behind the operation pleaded guilty. "The botnet infrastructure had infected Windows systems then further expanded to infect Linux, Mac, and Android devices, victimizing computers and other electronic devices around the world, including in Asia, Europe, North America and South America," the Department of Justice (DoJ)  said  in a press statement. Sergei Makinin, who developed and deployed the malicious software to infiltrate thousands of internet-connected devices from June 2019 through December 2022, faces a maximum of 30 years in prison. The Golang-based botnet malware, prior to its dismantling,  turned the infected devices into proxies  as part of a for-profit scheme, which was then offered to other customers via proxx[.]io and proxx[.]net. "IPStorm is a botnet that abuses a legitimate peer-to-peer (p2p) netwo...
Legitimate-Looking Ads Used to Recruit Money Mules for Criminal Operations

Legitimate-Looking Ads Used to Recruit Money Mules for Criminal Operations

Nov 01, 2010 Cybersecurity / Financial Crime
Money mules have been aggressively recruited this year to help cybercriminals launder money, according to Fortinet. A recent example of this is the worldwide prosecution of a Zeus criminal operation, which included 37 charges against alleged money mules. Recent Zeus stories illustrate how prevalent money mules have become and how they are being used to filter, disguise, and spread money transfers. Today, mules are typically recruited into criminal organizations through legitimate-looking advertisements. A suspect ad may suggest a client is looking for a "payment processing agent," "money transfer agent," or something as vague as an "administrative representative." These recruitment ads can be found anywhere from print and online job sites to direct points of contact. While many mules likely enter into the business relationship knowing the full criminal implications of what they are doing, a surprising number do not. One of the most recent money mule rec...
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