US busts $530 million Infraud cybercrime ring

From Engadget - February 7, 2018

Law enforcement has only arrested 13 of the members so far, five of which are from the US and only one of which (Sergei Medvedev) is considered top brass.Ukraine resident Svyatoslav Bondarenko, who's believed to have founded Infraud back in 2010, is not one of them.And while there are just five suspects still at large, the actual membership is considerably deeper with 10,901 registered members as of March 2017.

The Americans involved with Infraud have already appeared in court, and they could face more than 30 years in prison if they are found guilty.This is unlikely to dissuade other groups -- Infraud was not the first big cybercrime ring, and probably wo not be the last.Nonetheless, the scale suggests this should put at least a temporary dent in digital fraud.


Continue reading at Engadget »