Stories
Slash Boxes
Comments

SoylentNews is people

posted by hubie on Thursday April 18, @05:53PM   Printer-friendly
from the complaints-department-5000-miles-> dept.

https://arstechnica.com/security/2024/04/man-indicted-in-cryptojacking-scheme-that-stole-3-5m-from-cloud-providers/

Federal prosecutors indicted a Nebraska man on charges he perpetrated a cryptojacking scheme that defrauded two cloud providers—one based in Seattle and the other in Redmond, Washington—out of $3.5 million.

The indictment, filed in US District Court for the Eastern District of New York and unsealed on Monday, charges Charles O. Parks III—45 of Omaha, Nebraska—with wire fraud, money laundering, and engaging in unlawful monetary transactions in connection with the scheme. Parks has yet to enter a plea and is scheduled to make an initial appearance in federal court in Omaha on Tuesday. Parks was arrested last Friday.

Prosecutors allege that Parks defrauded "two well-known providers of cloud computing services" of more than $3.5 million in computing resources to mine cryptocurrency.
[...]
Prosecutors didn't say precisely how Parks was able to trick the providers into giving him elevated services, deferring unpaid payments, or failing to discover the allegedly fraudulent behavior. They also didn't identify either of the cloud providers by name. Based on the details, however, they are almost certainly Amazon Web Services and Microsoft Azure.


Original Submission

This discussion was created by hubie (1068) for logged-in users only, but now has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
(1)
  • (Score: 5, Insightful) by Runaway1956 on Thursday April 18, @06:27PM (5 children)

    by Runaway1956 (2926) Subscriber Badge on Thursday April 18, @06:27PM (#1353518) Journal

    Thieves don't care how much they steal, only what they can get for it. It's not unusual for thieves to sell their dishonest gains for a couple pennies on the dollar. Sometimes, they only get pennies on the ten dollar, or pennies on the hundred. They don't care that it may have cost you $10,000 so they could get a $20 hit of their favorite drug. What they took is meaningless to them, all that matters is how they can spend the money that they get in exchange.

    A 30% conversion rate is actually pretty good, among thieves. These guys are laughing all the way to the bank - or their favorite blow and hooker dealer.

    --
    We've finally beat Medicare! - Houseplant in Chief
    • (Score: 5, Insightful) by mhajicek on Thursday April 18, @09:04PM

      by mhajicek (51) on Thursday April 18, @09:04PM (#1353540)

      Yup, like when people rip out copper plumbing and wiring, causing $10,000 in damage or more, for $40 at the scrapper.

      --
      The spacelike surfaces of time foliations can have a cusp at the surface of discontinuity. - P. Hajicek
    • (Score: 4, Interesting) by khallow on Thursday April 18, @10:41PM

      by khallow (3766) Subscriber Badge on Thursday April 18, @10:41PM (#1353554) Journal
      This. Way back when I took at look at the ROI of some of the famous frauds of the early 2000s (WorldCom, Enron, Bernie Mac, and a few others IIRC). My naive impression was that of every dollar imploded by the scam, a typical return was 3 cents give or take. 30% was completely unheard of. What the present story tells me is that this sort of theft has a significantly larger ROI and will likely become much more popular in the future - I gather it's pretty popular now, but a high ROI signals continued growth IMHO.
    • (Score: 2, Insightful) by Anonymous Coward on Friday April 19, @12:07AM (2 children)

      by Anonymous Coward on Friday April 19, @12:07AM (#1353569)
      There's another thing though.

      There was a time when for the cost of a certain Azure API call the execution time wasn't charged... Then recently it was.

      So it's not beyond my imagination that someone could find a loophole in the pricing for certain resources, API(s) etc, use that for cryptomining and profit.

      Then when Microsoft/AWS eventually notices, they change the pricing. Then who is defrauding who? Nobody?

      But what if they are actually intentionally trying to get enterprise users to use the stuff cheaply first and get locked, so that they can profit hugely after they "correct" the pricing... Then who is defrauding who?
      • (Score: 2, Informative) by Runaway1956 on Friday April 19, @02:20PM (1 child)

        by Runaway1956 (2926) Subscriber Badge on Friday April 19, @02:20PM (#1353627) Journal

        Gates on piracy, fits with your post quite well:

        “Although about 3 million computers get sold every year in China, people don’t pay for the software. Someday they will, though,” Gates told an audience at the University of Washington. “And as long as they’re going to steal it, we want them to steal ours. They’ll get sort of addicted, and then we’ll somehow figure out how to collect sometime in the next decade.”

        https://www.latimes.com/archives/la-xpm-2006-apr-09-fi-micropiracy9-story.html [latimes.com]

        --
        We've finally beat Medicare! - Houseplant in Chief
        • (Score: 0) by Anonymous Coward on Saturday April 20, @06:26AM

          by Anonymous Coward on Saturday April 20, @06:26AM (#1353695)
          Well in Azure's case they already know how to collect. And most of the stuff isn't free...
  • (Score: 4, Insightful) by Rosco P. Coltrane on Thursday April 18, @07:17PM (4 children)

    by Rosco P. Coltrane (4757) on Thursday April 18, @07:17PM (#1353528)

    Spending more money than you earn is okay as long as you're spending someone else's money.

    • (Score: 4, Insightful) by Freeman on Thursday April 18, @07:34PM

      by Freeman (732) on Thursday April 18, @07:34PM (#1353533) Journal

      Isn't this the motto of most of the "rising" / "shooting" star corporations in the last decade or two?

      --
      Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
    • (Score: 5, Touché) by DannyB on Thursday April 18, @09:12PM (2 children)

      by DannyB (5839) Subscriber Badge on Thursday April 18, @09:12PM (#1353541) Journal

      Spending more money than you earn is okay as long as you're spending someone else's money.

      It's a good thing the government doesn't do that.

      --
      Trump is a poor man's idea of a rich man, a weak man's idea of a strong man, and a stupid man's idea of a smart man.
      • (Score: 0) by Anonymous Coward on Friday April 19, @04:35PM (1 child)

        by Anonymous Coward on Friday April 19, @04:35PM (#1353638)

        To transfer files: right-click on file, pick Copy. Unplug mouse, plug mouse into other computer. Right-click, paste.

        Be careful never to click Cut, 'cause you need a new mouse then.

        • (Score: 2) by DannyB on Monday April 22, @07:07PM

          by DannyB (5839) Subscriber Badge on Monday April 22, @07:07PM (#1354026) Journal

          That's good to know! I'll be careful. Thanks.

          --
          Trump is a poor man's idea of a rich man, a weak man's idea of a strong man, and a stupid man's idea of a smart man.
(1)