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Russian Detectives Arrests Major Cryptocurrency Fraudsters

Russia has been the center of global cybercriminals for as long as history can remember. The country hosts a wide range of cyber criminals ranging from small-scale hackers to hackers who can bring down a US army website. Recently Russian investigators seized a large group of cryptocurrency fraudsters in a cleanup operation in the country.

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Russian Hackers would hack anything for Bitcoin

Following the recent bust of a large ring of cybercriminals in Russia, more than 25 people have been brought to book. Most of the hackers arrested were involved with credit card hacking. Among the arrested culprits was the most notorious Russian hacker Alexey Stronganov who goes by the pseudonym Flint.

Security sources believe that Stroganov participated in almost every major credit card hack both in Russia and abroad that happened within the last 10 years. The same source further added that Stronganov would later get paid millions of dollars siphoned to his cryptocurrency wallet for his participation in those hacks.

In 2006, Authorities arrested Stroganov alongside his partner Gerasim Selivanov and sentenced both men to a six-year jail term. However, the culprits managed to get out of prison after just serving two years. The recent arrest also involves both criminals Selivanov and Stroganov. With the tricky Russian government policies the culprits are very likely to serve just a minimum sentence in exchange for their hacking skills to the government.

Russian Authorities Encourage Cybercrime Targeting Foreign Countries Especially the USA

It is not surprising why the Russian authorities decided to arrest the notorious cyber criminals now since they were already known figures within the Russian security circles. Security forensic forums allege that the government moved to arrest the two major hackers now because they are targeting Russian banks. The culprits committed a cardinal sin in Russia by targeting Domestic assets.

Meanwhile for a long time such criminals have run a multitude of successful attacks targeting assets in the United States. Although the hacks caused millions of dollars in losses to American businesses, Russian authorities remained tight lipped about it leaving the criminals to walk free. In some incidence, foreign governments for hiring freelance hackers to try to sabotage foreign-based computing infrastructure blame the Russian government.

Given the centralized concentration of capabilities of hackers, the recent arrest has counted big on the hacking community. Some of the most devastating tricks and hacks always originate from a signal hacker over a very long period. These hacks usually cause billions of dollars in losses to companies and government entities.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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