Russian National Pleads Guilty for $568 Million Cyber Fraud

Sergey Medvedev, a Russian national, has pleaded guilty in the United States for his in with an actual loss of $568 million.
The 33-year old pleaded guilty last week before the US District Court for Nevada. He admitted that he founded and operated Infraud Organization, an international cybercrime organization offering the sale of credit cards and other theft equipment.

“One of the leaders of the Infraud Organisation pleaded guilty today to RICO conspiracy,” the US justice department said in a statement. “Infraud was an Internet-based cybercriminal enterprise engaged in the large-scale acquisition, sale, and dissemination of stolen identities, compromised debit and credit cards, personally identifiable information, financial and banking information, computer malware, and other contraband.”
He ran the cybercrime front for seven years and, according to the US authorities, it is the in the country. The organization has inflicted about $2.2 billion in intended losses since 2010. It facilitated the sale of 4 million in compromised credit card credentials.
Laundering money too?
Medvedev was also operating a cryptocurrency exchange and escrow services for 10,901 members of the Infraud Organization. However, the recent indictment did not disclose the exact amount of digital currency exchanges using the services.
But the court documents showed that he acquired $1.04 million in Liberty Reserve digital currency till May 2013.
The United States authorities shut Infraud Organization in February 2018 that also lead to the arrest of Medvedev from Thailand. Durn the arrest the authorities also seized 100,000 Bitcoins from Medvedev’s possession.
The law enforcement subsequently indicted 36 people who are the members of the Operation Shadow Web.
Recently, the also pleaded guilty in a US court for defrauding initial coin offering (ICO) investors for $25 million. The ICO was endorsed by boxing start Floyd Mayweather and rapper DJ Khaled, both of them were heavily fined for the endorsement.

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