The cyber crime department of the Ukrainian Police said in a March 26 press release that they arrested a 32-year old resident of Bukovina alleged to be distributing malicious crypto-related software to the public.
The authorities describe the unnamed man as a cyber expert and administrator of websites containing free literature and scientific research. However, he reportedly released with the materials, malware that tapped into a visitor’s computing power to mine cryptocurrencies, a practice otherwise known as cryptojacking.
Such a practice is possible because the nature of some cryptocurrencies like Bitcoin requires the use of computational power to validate transactions on the network. Instead of setting up a center dedicated for that purpose, cybercrime perpetrators tap into power generated by unsuspecting users globally who use a website or app where they planted the malware.
Although the police report did not reveal the value of cryptocurrency that the alleged suspect made with the malware, the chances of the figure being substantially high are likely. This is because the undisclosed websites and resources attracted as much as 1.5 million visits monthly.
Meanwhile, the Ukrainian Police raided his apartment in Bukovina and confiscated the suspect’s computers, bank cards, hard drives and notes that could contain vital information regarding the crime.
The materials were reportedly sent to a special unit of the police for investigation while the suspect could face a six-year jail term if the findings prove that he was responsible for the crypto jacking which affected many Ukrainian internet users.
Within the past week, Stmarket.co has reported other cryptocurrency related court cases not involving the use of jacking malware. Jared Rice, the founder of the AriseBank crypto project, pleaded guilty to a $4.2 million fraud case while Singaporean crypto exchange, DragonEX was reportedly hacked for a yet-unknown value of cryptocurrencies.
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