In a significant crackdown on illegal cryptocurrency mining, Ukrainian authorities, collaborating with Europol and an unnamed cloud service provider, arrested a 29-year-old individual in Mykolaiv. The arrest, made on January 9, 2024, unveiled a sophisticated cryptojacking scheme, as reported by Europol in a press statement on January 12, according to <a href="https://finbold.com/cryptojacker-sets-up-1-million-virtual-servers-mining-millions-in-crypto-illegally/" rel="noopener noreferrer nofollow">Finbold</a>.
The suspect, embroiled in this illicit scheme since 2021, is accused of compromising cloud accounts to mine cryptocurrencies illegally. Europol's <a href="https://ultramining.com/news/en/large-scale-cryptocurrency-mining-farm-uncovered-in-dagestans-kizilyurtovsky-district/" rel="noopener noreferrer nofollow">investigation</a> reveals that the individual managed to mine over $2 million (€1.8 million) in cryptocurrencies through these compromised accounts. The Ukrainian cyber <a href="https://ultramining.com/news/en/borneo-police-crack-down-on-illegal-crypto-mining-operation/" rel="noopener noreferrer nofollow">police</a> highlighted the use of automated tools by the suspect to breach the passwords of 1,500 accounts belonging to a subsidiary of an unnamed e-commerce entity.
The scale of this operation was massive, with the perpetrator creating over one million virtual computers for a large-scale crypto mining operation. To facilitate the movement of the illegal proceeds, TON cryptocurrency wallets were allegedly used.
The cloud service provider played a crucial role in tipping off Europol in January 2023, leading to the establishment of a virtual command post by Europol’s European Cybercrime Centre (EC3) on the day of the action. This post provided analytical and forensic support to the Ukrainian National Police during the searches of three properties.
Cryptojacking in a cloud environment involves unauthorized access to cloud computing resources to mine cryptocurrencies. This practice allows cryptojackers to evade the costs associated with servers and power, thus maximizing their profits. However, it leaves the compromised account holders with significant cloud bills.
The arrested individual faces prosecution under Ukrainian law for unauthorized interference with information systems, a crime that underscores the growing concern over cyber security in the digital asset space.&nbsp;

Ukrainian Authorities Bust Massive Cryptojacking Operation

Ultramining_Eng

Other articles published on Jan 15, 2024

United Nations reports USDT used for money laundering across SE Asia

XAI Coin Surges by 49% Following Inspiration from Elon Musk’s AI Venture

Chirpley Takes Flight to Ethereum Chain: Expanding CHRP Horizons in the Crypto Cosmos

XRP community and Charles Gasparino clash over crypto theories

Bitget launches Visa Platinum card in partnershpi with Reap

Over $4 Million Worth of Assets Stolen By Solana Wallet Drainers: Scam Sniffer

Join our free newsletter for daily crypto updates!