Ukrainian Individual Arrested for Illegal Crypto Mining Scheme
Authorities in Ukraine have apprehended a 29-year-old individual for illegally mining cryptocurrencies by compromising cloud accounts. The arrest, which took place on January 9 in Mykolaiv, was the result of a joint operation between Europol and an undisclosed cloud service provider. Europol referred to the scheme as a “sophisticated cryptojacking scheme” in a press statement released on January 12. The suspect is believed to have mined over $2 million (€1.8 million) in cryptocurrencies using the compromised accounts.
Details of the Cryptojacking Operation
The Ukrainian cyber police, who also participated in the operation, revealed that the suspect used automated tools to breach the passwords of 1,500 accounts belonging to an unnamed subsidiary of an e-commerce entity. By obtaining administrative privileges, the individual created more than one million virtual computers and conducted a large-scale crypto mining operation. The suspect allegedly utilized TON cryptocurrency wallets to move the illegal proceeds.
Tip-Off from Cloud Service Provider
The investigation was triggered by a tip-off from the cloud service provider, who approached Europol in January 2023 with information about compromised user accounts on their platform. During the operation, three properties were searched with Europol’s support. Additionally, Europol’s European Cybercrime Centre (EC3) established a virtual command post to assist the Ukrainian National Police with data analysis and forensic support.
Legal Proceedings and Impact of Cryptojacking
The arrested individual has been engaging in this illicit activity since 2021, according to Ukrainian authorities. They will face prosecution under Ukrainian law for unauthorized interference with information systems. It is important to note that cryptojacking in a cloud environment allows malicious actors to exploit the computational power of cloud computing infrastructure for mining cryptocurrencies. This enables them to avoid server and power costs, maximizing their profits while leaving the compromised account holders with significant cloud bills.
Hot Take: Combating Cryptojacking and Protecting Cloud Accounts
Cryptojacking continues to be a significant concern in the cybersecurity landscape. To protect your cloud accounts from such attacks, it is crucial to follow robust security practices. Regularly update passwords with strong combinations of characters, enable multi-factor authentication, and monitor your accounts for any suspicious activities. Additionally, cloud service providers should enhance their security measures to detect and prevent unauthorized access promptly. By staying vigilant and implementing necessary security measures, you can safeguard your cloud accounts from cryptojacking schemes.
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