U.S. DoJ Seizes $24M in Crypto from Russian Hacker – Coincu

DoJ Targets Qakbot, Seizes $24M in Crypto

This action impacts global cybersecurity by targeting ransomware networks linked to cryptocurrencies, emphasizing law enforcement’s commitment to combating digital crimes.

DoJ Targets Qakbot, Seizes $24M in Crypto

According to the U.S. Department of Justice, Rustam Rafailevich Gallyamov allegedly developed the Qakbot malware and infected thousands of computers, facilitating a botnet linked to multiple ransomware groups. The DOJ seeks to confiscate over $24 million in cryptocurrency assets from him through legal means.

In executing their strategy, law enforcement dismantled Qakbot’s infrastructure in 2023, seizing significant amounts of Bitcoin and stablecoins. This highlights a global effort involving multiple nations to combat cybercrime linked to digital currencies.

“The most significant technological and financial operation ever led by the Department of Justice against a botnet,” referencing the scale and impact of the 2023 Qakbot operation. — Martin Estrada, U.S. Attorney, Department of Justice.

Global Reach: 700,000 Computers Infected by Qakbot

Did you know? The Qakbot botnet infected over 700,000 computers globally, showcasing the extensive reach of ransomware operations.

CoinMarketCap data reveals Bitcoin currently trades at $109,855.62 with a market cap of around $2.18 trillion. The cryptocurrency experienced a decrease of 0.86% in the last 24 hours but rose 6.03% over the past week. These fluctuations reflect ongoing market volatility.

Insights from the Coincu research team suggest that ongoing ransomware disruption and cryptocurrency confiscation by authorities could potentially reduce criminals’ access to illicit funds, incentivizing stricter regulatory oversight and enforcement. This underscores the importance of secure technological infrastructures in financial ecosystems.