The growing pace of illicit and fraud in the cryptocurrency market has invited enforcement regulators globally. In the most recent developments, the United States Justice Department has announced a joint crackdown over Redline and Meta infostealer malicious applications that have stolen the sensitive information of millions of users globally.
The DOJ has joined hands with Internal Revenue Services, Federal Bureau of Investigation, Naval Criminal Investigative Services, and Army Criminal Investigative Services, including other top-notch regulators and enforcement agencies, to take charge of surging information and data theft worldwide.
In the operation, the agencies seized the domains, servers, Telegram accounts, and other related communication channels of the info stealer in different operations in Belgium and the Netherlands.
The Department of Justice stated, “Infostealers are a prevalent form of malware used to steal sensitive information from victim’s computers including usernames and passwords, financial information, system information, cookies, and cryptocurrency accounts.”
Experts argue that the data stolen from the users includes their personal information such as name, financial data (account number, account pin), address, and passwords, which are further allegedly sold on the dark web or in an illicit marketplace.
A dark marketplace is a haven for bad actors and fraudsters who can easily buy or sell anything to earn profit and harm others. Activities such as illegal weapons dealing, extortion, smuggling, human trafficking, and drug dealing are some of the most common activities on the dark web, also known as the side of the internet which has data on almost everything that exists.
Cyber Attacks a Threat for Crypto!
Attacks on crypto-based projects are becoming quite common. To control the issue, the DOJ has charged Maxim Rudometova, who is identified as Redline’s key developer and administrator. The DOJ said that he was constantly accessing and managing Redline Infostealer, which was associated with uncounted cryptocurrency accounts.
The identified individual is facing charges of conspiracy to commit computer fraud, access device fraud, and money laundering and, if convicted, might face a term of 35 years or more behind bars.
Back-to-back crackdowns by leading finance authorities and enforcement agencies might help curb the skyrocketing pace of cyber theft and related activities.
Per the rough estimates, the broader cryptocurrency market loses around $1 billion to $2 billion in cryptocurrencies from thefts, frauds, and breaches performed using applications and software similar to Infostealer.
Market and finance experts believe that the strict and harsh attitude of some regulatory commissions and agencies could help the crypto market in the long term and also help prevent cyber activities and money laundering.