Tag: pig butchering
Cryptocurrency Laundering Top Dog Arrested
Russian-Swedish native Roman Sterlingov has been sentenced to twelve years in prison for his alleged involvement in Bitcoin Fog, the longest-running cryptocurrency laundering service on the dark web. Sterlingov reportedly operated Bitcoin Fog for a decade and processed over 1.2 million Bitcoin, valued at approximately $400 million at the time of the transactions. Bitcoin Fog ran from 2011-2021 and quickly garnered a reputation among the dark web community as the “go-to” cryptocurrency “mixer” for cybercriminals looking to hide their illicit funds from law enforcement. Bitcoin Fog would pool the “dirty” cryptocurrency and redistribute it in order to make the funds untraceable. According to court documents, the cryptocurrency laundered was mainly derived from darknet marketplaces tied to illegal narcotics, identity theft, and child sexual abuse material.
Banks swamped by fake account scams
In an exclusive interview with Cyber Intelligence, Andy Sheldon, North American VP of US-based ID fraud specialist Deduce reveals how banks are now struggling to combat armies of fake account holders currently being generated by artificial intelligence (AI).
‘Pig Butchering’ crypto-fraudsters net billions
‘Pig Butchering’, a new and particularly mean and ruthless form of cryptocurrency fraud that originated in China, has evolved into a global scourge. Sha zhu pan, which translates as “pig-butchering”, uses sophisticated fraudulent decentralized finance (DeFi) applications to bypass most of the defenses provided by mobile device vendors. WhatsApp is the preferred platform for targets outside China; Telegram is also used, as is Skype. According to cybersecurity firm Sophos: “Originating in China at the beginning of the COVID pandemic, ‘pig butchering’ scams have expanded globally ever since, becoming a multi-billion-dollar fraud phenomenon.”