Ukrainian cyber police uncover large-scale crypto scheme

In a landmark operation, Ukrainian authorities, backed by Europol, have apprehended a 29-year-old individual linked to a large-scale cryptojacking operation. This operation, executed on January 9 in Mykolaiv, Ukraine, marks a significant step in combating cryptocurrency-related cybercrime. The suspect allegedly compromised over 1,500 cloud accounts to illegally mine cryptocurrencies, setting up more than one million virtual computers for this purpose.

The operation’s success is attributed to the collaboration between Europol and an undisclosed cloud service provider. Upon receiving information from the cloud service provider, the Ukrainian cyber police conducted searches across three locations, leading to the suspect’s arrest. Europol’s European Cybercrime Centre (EC3) played a crucial role by establishing a virtual command post to support the Ukrainian National Police with analysis and forensic resources.

Rising global challenge of cryptocurrency cybercrime

This incident in Ukraine is a part of a broader pattern of increasing cryptocurrency-related cybercrime worldwide. In 2023, crypto hackers were responsible for over $1 billion in thefts, a significant amount despite being lower than the previous year’s total.

The evolving tactics of cybercriminals, who now engage in crypto mining using hacked resources, particularly targeting privacy coins like Monero (XMR), highlight the growing complexity of these criminal activities. This latest arrest underscores the urgent need for enhanced cybersecurity measures and stronger regulatory oversight in the cryptocurrency sector.

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