Two Russian nationals have reportedly participated in a crypto cybercrime in the United States, reported Coindesk.
Danil Potekhin and Dimitrii Karasavidi are accused of gaining millions of dollars through market manipulation and phishing. In other words, the pair used scam applications to get the login credentials of crypto holders’ accounts and steal their money.
Krebson Security reported that the US authorities have laid cybercrime charges against the Russian pair. They have allegedly accumulated about $17m in cryptocurrency. Moreover, the US Justice Department has also filed criminal reports against the two, and the US Treasury in a separate motion has filed financial claims against them.
This crypto cybercrime has sorely affected many cryptocurrency users. Actually, one of the victims wanted to commit suicide after losing a large proportion of his digital assets.
Furthermore, prosecutors noted that the two tried to hide their illicit gains from authorities by “layering” funds, which is a common practice amongst money launderers.
The indictment for cybercrime against the two further read:
The attackers employed a variety of methods to exfiltrate their fraudulent virtual currency. They used exchange accounts with fictitious or stolen identities; circumventing exchanges’ internal controls; swapping into different types of virtual currency; and moving virtual currency through multiple intermediary addresses. They also used a market manipulation scheme in which they purchase inexpensive virtual currency at a fast rate to increase demand and price, then quickly sold for a higher price to glean quick profit.Security Boulevard reported
Noteworthy, US authorities have been fighting cybercrime widely and tracking down millions of dollars worth of digital assets. While Russia, the home country of the two hackers, has recently passed legislation legitimising cryptocurrency in the country.