Malware writer Valerian Chiochiu is alleged to have participated in an extensive cybercrime ring that stole voluminous amounts of data…
Yet another key member of the extensive Infraud cybercrime ring is probably on the way to prison. Malware writer Valerian Chiochiu pleaded guilty to RICO conspiracy. This, for helping the Infraud Organization develop and use FastPOS malware in order to steal enormous amounts of data, including names, payment cards, and other sensitive data that resulted in $568 million of losses.
Malware Writer Pleads Guilty in $568 Million Cybercrime Ring Role
The Moldovan man will face sentencing on December 11th. Chiochiu was part of a group that was created back in 2010 which served as a hub for thieves to purchase products with fake and stolen credit and debit cards. The organization was reportedly sophisticated, having automated vending sites, screening processes, and even an escrow service that assisted in completing transactions.
It was such a large ring, the United States Justice Department counted a whopping 10,901 registered members as early as March of 2017. Although some important members of the criminal enterprise have been caught, these only represent a small portion. For instance, co-founder Svyatoslav Bondarenko remains a fugitive. Although, it does serve as a stern warning to other cybercriminals.