A cyber crime ring called the Infraud Organization has been brought to its knees after suspected members were arrested around the world. They stand accused of stealing over $530.0 million worth of personal information and data.
The Infraud Organization was allegedly founded in 2010 by a 34-year-old Ukranian man named Svyatoslav Bondarenko. Infraud, which operated as an online discussion forum, was a clearinghouse for personal information and data.
Members obtained such data by hacking into various systems and then sold it via Infraud. Furthermore, the organization set up an escrow account that members could use to launder their money by using digital currencies like Bitcoin. The organization even had a motto, “In Fraud We Trust.”
Sergey Medvedev, another alleged co-founder of Infraud, appears to have taken over the organization in 2016 as “admin and owner.” According to a note he’s believed to have posted online, Bondarenko had gone missing.
Infraud Hacking Hits Big Names
According to the U.S. Department of Justice, members of Infraud were behind a laundry list of well-known website hacks. Authorities claim HSBC and PayPal were targeted by the organization over its seven-year existence.
As a result of these breaches, Infraud hackers were able to obtain and sell logins, credentials, and credit card information. According to officials, the cyber crime ring caused more than $530.0 million in losses to consumers.
The Wave of Arrests
The U.S., working with law enforcement agencies from across the world including Italy, the United Kingdom, France, Luxembourg, and Australia, has indicted 36 people for their alleged role in the cyber crime ring.
Of these 36, 13 have been arrested. They face charges including identity theft, bank fraud, wire fraud, and money laundering.
The suspects were arrested in California, Alabama, and New York, as well as in France, the United Kingdom, Italy, Australia, Kosovo, and Serbia. Those taken into custody outside the U.S. are currently awaiting extradition.
The other defendants remain at large.