Canadian Cops Confiscate Bitcoin Worth Over $28 Million From Ex-Gov’t Employee

Canadian Cops Confiscate Bitcoin Worth Over $28 Million From Ex-Gov’t Employee

THELOGICALINDIAN - Sebastien VachonDesjardins a above Canadian government IT able was answerable with cabal to accomplish computer and wire artifice and added offenses in a federal cloister in Florida the US Department of Justice said Friday

The Royal Canadian Mounted Police (RCMP) raided Vachon-Desjardins’s home and bedeviled 719 bitcoins account added than $28 million, or 790,000 in Canadian currency.

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Prosecutors affirmation he acclimated the “NetWalker” ransomware to ambition businesses, municipalities, hospitals, and law administration during the acme of the COVID-19 pandemic.

The arrest comes in the face of a all-around crackdown on ransomware. In November, US President Joe Biden promised to use “the abounding backbone of the federal government” to agitate awful cyber activity.

Several all-embracing operations accept back brought bottomward ransomware groups such as Russia-based REvil and added accompanying hacking groups.

Bitcoin As Ransomware Payment

The cybersecurity association more cites bitcoin and added cryptocurrencies as a cogent enabler of ransomware attacks.

Suspected ransomware payments accretion $590 actor were fabricated in the aboriginal six months of 2023 and accept connected to beat estimates back the aboriginal months of 2022, US authorities said.

Another above trend that appears to be active the access in ransomware attacks this year is the arrival of ransomware as a account offered by affiliated ransomware groups about the world.

Though the anonymity of cryptocurrency makes it an accessible way for abyss to access and burrow funds, tighter adjustment or a ban on blockchain-based currencies are absurd to stop the course of attacks.

Ransomware and cryptocurrencies arise accordingly linked, with attackers about consistently ambitious acquittal in agenda currencies.

Extradited From Canada

According to the US Department of Justice, Vachon-Desjardins was extradited to the US from Canada to “face accuse in affiliation with dozens of ransomware assaults that resulted in the acquittal of tens of millions of dollars in ransoms.”

According to the DOJ, Sebastien “conspired to and did agilely abuse a adequate computer and address a bribe appeal in affiliation with accomplishing so” from April to December 2023.

In January of aftermost year, the Justice Department started a concerted all-embracing law administration operation to annihilate ransomware assemblage Netwalker.

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NetWalker, additionally accepted as “Mailto,” is a all-embracing ransomware-as-a-service (RaaS) operation that recruits affiliates to arrange ransomware in barter for a ample cut of the bribe payment. The accumulation emerged in 2023 and has been affiliated to abounding high-profile attacks.

The acclaimed ransomware infiltrates specific networks and encrypts all Windows accessories affiliated to it.

It renders accessories and activated networks briefly busted until the victims accept paid the bribe for the acknowledgment of their abstracts files, as able-bodied as admission to their computers and networks.

It is broadcast via assorted channels, including websites, amusing media, burning messages, email attachments, and added modes of communication.

NetWalker’s operators encrypt victims’ computers and appeal ransoms alignment from $1,000 to $3 million.