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Malware Writer Pleads Guilty to Helping $568 Million Cybercrime Ring

posted by Fnord666 on Tuesday August 04 2020, @08:08AM   Printer-friendly

upstart writes in with an IRC submission:

Malware writer pleads guilty to helping $568 million cybercrime ring:

Another key member of the massive Infraud cybercrime ring is likely heading to prison. Software writer Valerian Chiochiu has pleaded guilty to RICO conspiracy for helping Infraud Organization develop and use FastPOS malware that helped the group steal massive amounts of data. Infraud is now believed to have stolen enough identities, payment cards and other sensitive data to produce $568 million in losses.

Chiochiu will be sentenced on December 11th. A co-founder and administrator of Infraud, Sergey Medvedev, pleaded guilty on June 26th.

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  • (Score: 0) by Anonymous Coward on Tuesday August 04 2020, @12:23PM

    by Anonymous Coward on Tuesday August 04 2020, @12:23PM (#1031209)

    Most likely estimated from prior known loss averages, then extrapolated up for all the cases they will never pin on this group. Much like how drug busts are the full street retail prices, or more like how stocks are (over)valued. Maybe not as extreme as modern IP piracy is lossted ;j