Wednesday

The post <a href="https://coinpedia.org/news/american-court-prosecutes-ukrainian-resident-for-13-years-for-revil-ransomware-offenses/">Ukrainian Ransomware Hacker Jailed for 13 Years in US Bust</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
In a significant development in the fight against cybercrime, a Texas court has handed down a hefty sentence to Yaroslav Vasinskyi, a Ukrainian national, totaling more than thirteen years behind bars. This ruling marks a crucial moment in the global battle against cybercriminal activities, particularly those attributed to the Russia-based hacking group REvil. 
Read on to learn more about this crackdown. 
<h2 class="wp-block-heading" id="h-the-verdict-why-was-it-a-milestone-event">The Verdict: Why Was It a Milestone Event?</h2> 
The courtroom proceedings unfolded dramatically on Wednesday as Vasinskyi, aged 24, faced the consequences of his actions. Having been extradited from Poland to the United States in 2022, he admitted guilt to a string of charges, including conspiracy to commit fraud, money laundering, and damaging protected computers. Additionally, he was slapped with a daunting $16 million restitution order for his involvement in over 2500 ransomware attacks. 
Prosecution’s Stance 
Assistant Attorney General Nicole Argentieri did not mince words in condemning Vasinskyi’s illicit activities. She stated, 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Vasinskyi together with his accomplices hacked into thousands of computers worldwide and encrypted them with ransomware. Then they demanded over $700 million in ransom fees threatening to publish the victims’ data if they refused to pay.” 
</blockquote> 
<h2 class="wp-block-heading" id="h-revil-s-operations">REvil’s Operations</h2> 
Operating under the alias REvil, or Sodinokibi, this cybercriminal syndicate earned infamy for targeting prominent companies and institutions. One notable victim was Kaseya, a key provider of IT services to around 40,000 organizations globally. The fallout from Kaseya’s breach extended across 17 countries, affecting businesses ranging from pharmacies to gas stations to kindergartens, with a major Swedish grocery chain forced to cease operations. 
The Power of Cooperation 
Vasinskyi’s arrest in Poland shows us the effectiveness of international collaboration in combating ransomware attacks and cybercriminal enterprises like REvil. The dismantling of REvil in January 2022 represented a pivotal moment in the ongoing battle against ransomware and cybercrimes worldwide, as acknowledged by the United States. 
The conviction of Yaroslav Vasinskyi sends a clear message to cyber offenders worldwide: law enforcement agencies are steadfastly committed to holding perpetrators of such crimes accountable. This includes those who inflict financial and operational harm on victims through malicious cyber assaults. 
Also Check Out: <a href="https://coinpedia.org/news/pike-finance-hit-with-second-attack-in-three-days-with-losses-of-1-6-million/">Pike Finance Suffers Double Attack in 3 Days, Loses $1.98M in Smart Contract Exploit</a> 
With international collaboration on the rise, cybercriminals may find it harder to operate in the shadows. Good news, right?!

Ukrainian Ransomware Hacker Jailed for 13 Years in US Bust

Table of Contents

CoinPedia News

Other articles published on May 2, 2024

Cryptocurrency Analyst Reveals 22 Altcoin Developments to Watch Closely in May

Dogecoin Faces Sharp Declines: Recovery Next?

Crazy Wolf (CRAWOLF) to Surge 7,300% in 48 Hours, Looks to Challenge Shiba Inu and Dogecoin

Top Cryptocurrencies to Invest in Now May 2 – Ondo, ZetaChain, Quant

XRP Ledger Sets New Standard for Lending Giant; Here's What to Know

Analysts expect Bitcoin price recovery after Fed leaves rates unchanged

Join our free newsletter for daily crypto updates!