With the growth in the popularity of cryptocurrencies, its use cases and adoption has also increased by leaps and bounds. However, what seems to be collateral damage to this popularity is the sheer increase in the number of fraudulent activities related to crypto. As per recent reports, two Romanian men who were accused of illicit crypto mining and stealing credit card details have been convicted by a US court.
According to reports, the pair had created malware which was aimed at stealing the personal information of users, which was then to be sold on the dark web in some form of fraud auction. Bogdan Nicolescu, 36, and Radu Miclaus, 37, had been on trial for 12 days before the jury found them guilty of the charges against them. In total, they were convicted of 12 counts of wire fraud, as well as conspiracy to traffic counterfeit service marks and aggravated identity theft. The pair will be sentenced in August.
This action bt the pair can best be described as a “criminal conspiracy” and reports indicate that the malware was supposedly created more than 10 years ago. The operation took place in the defendants, home city of Bucharest, where they sent out phoney emails, which were written keeping in mind how the big-name technology and money transfer companies framed their emails. It seems that hey had managed to transfer the malware via 100,000 email accounts, with millions targeted. With the credentials, the pair, as well as another man who pleaded guilty, was used to rent server space, register domain names and pay for anonymization services.
With the rise in the number of illicit activities related to cryptocurrencies, authorities have also started to integrate more and more strict norms to regulate the cryptospace and the fact that the court persecuted the pair despite the long distance, shows a real move by authorities to nip the problems in the bud. This should ideally also help in setting a precedent for future cases.