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Russian Pleads Guilty for Role in Cybercrime Organization

A Russian national pleaded guilty last week for his role in an international cyber theft ring that caused losses of more than $568 million.

A Russian national pleaded guilty last week for his role in an international cyber theft ring that caused losses of more than $568 million.

The man, Sergey Medvedev, also known as “Stells,” “segmed” and “serjbear,” 33, admitted to engaging in criminal activities as part of the Infraud Organization, an international cybercrime gang that operated between October 2010 and February 2018.

Operating under the slogan “In Fraud We Trust,” Infraud was created by Svyatoslav Bondarenko (also known as “Obnon,” “Rector,” and “Helkern”), 34, of Ukraine. In 2017, the organization had 10,901 registered members.

Before its 2018 takedown, Infraud was the premier destination for “the large-scale acquisition, sale, and dissemination of stolen identities, compromised debit and credit cards, personally identifiable information, financial and banking information, computer malware, and other contraband,” the United States Department of Justice notes.

Infraud directed purchasers to the sites of members, where stolen financial and personal information was put up for sale, alongside malware and more. The organization also facilitated transactions among members and vouched for the quality of sold data.

Over its seven-year operation, the cyber theft ring inflicted roughly $2.2 billion in intended losses and approximately $568 million in actual losses, the DoJ says. Victims of the cybercriminal enterprise include financial institutions, merchants, and end-users alike.

In February 2018, the United States indicted 36 individuals in connection with Infraud. Thirteen members of the cybercrime ring were arrested, in the U.S., the U.K., Australia, France, Italy, Kosovo, and Serbia.

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Related: U.S. Announces Takedown of Global Cyber Theft Ring

Related: Man Pleads Guilty Over $100M BEC Scheme Targeting Google, Facebook

Related: Ukrainian Man Pleads Guilty to Hacking, Wire Fraud Charges

Written By

Ionut Arghire is an international correspondent for SecurityWeek.

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