The FBI has charged four members of the notorious FIN9 group with organizing cryptocurrency-related hacking attacks on US companies, resulting in losses of more than $71 million.
FIN9 members – Ta Van Thai, Nguyen Viet Quoc, Nguyen Trang Xuyen, Nguyen Van Trung – allegedly hacked into the computer networks of various US companies.
Between May 2018 and October 2021, non-public information was stolen – including private data about employee benefits and funds.
According to the Indictmentcybercrime members infiltrated company networks through phishing campaigns and supply chain attacks.
The indictment details how FIN9 members gained unauthorized access to company networks through phishing campaigns and supply chain attacks.
Once inside, they spread malware, steal sensitive data, and extort money from their victims. They redirected digital employee benefits, such as gift cards, to accounts under their control and stole gift card information from some victims.
The defendants also stole personal information and credit card details from employees and customers of the targeted companies. To hide their identities, they used the stolen information to register online accounts at cryptocurrency exchanges or server hosting companies.
Tai, Xuyen and Truong allegedly sold the stolen gift cards to third parties via an account registered under a fake name on the peer-to-peer cryptocurrency market.
The group's operations specifically targeted a variety of US companies, including those operating in the technology, manufacturing and financial sectors.
FBI vs. FIN9
The FBI's Cyber Squad in Newark, led by Special Agent in Charge James E. Dennehy, led the effort.
The FBI's Little Rock Cyber Squad, under the direction of Special Agent in Charge Alicia De Corder, assisted in the investigation. This case is being prosecuted by Assistant U.S. Attorney Anthony B. Torontori and Vinay S. Limbachia of the U.S. Attorney's Cybercrimes Unit in Newark.
The defendants face various charges in relation to their alleged actions, including conspiracy to commit fraud, extortion and related computer activities, which carries a maximum penalty of up to 5 years in prison.
They also face charges of conspiracy to commit wire fraud, which could result in a maximum sentence of 20 years behind bars. Additionally, they are charged with intentionally causing damage to a protected computer, each count carrying a potential maximum penalty of 10 years in prison.
Other charges include conspiracy to commit money laundering, which carries a maximum sentence of 20 years for defendants Tai, Xuen, and Truong.
Aggravated identity theft requires a consecutive two-year prison sentence for Tai and Kwok, while conspiracy to commit identity fraud could result in a maximum sentence of 15 years in prison.
American attorney Philip R. Selinger He confirmed The Ministry of Justice succeeded in identifying the accused despite their attempts to evade detection through technology.
He highlighted their use of keyboards, VPNs and fake identities in their operations, but stressed that the Ministry of Justice was able to track them down. Selinger reaffirmed his office's commitment to seeking justice for victims, sending a clear message to cybercriminals around the world.
Special Agent in Charge James E. Dennehy, of the FBI's Newark office, highlights the challenges posed by cyber actors who operate in the virtual world, often evading detection.
He emphasized the precision and innovative methods used by the FBI Newark Cyber Task Force and law enforcement partners to uncover these individuals, describing them as nothing more than thieves. Dennehy urged companies and organizations facing similar attacks to contact law enforcement immediately to protect their systems and prevent further harm.
This indictment represents a key element in broader U.S. law enforcement initiatives aimed at disrupting sophisticated cybercrime groups like FIN9. The FBI highlighted the increasing threat posed by these groups, which are known to use advanced techniques and tools to carry out cyberattacks.
Cryptocrime on the rise
Chainalysis' latest report highlights the increased complexity and resource requirements associated with cryptocurrency-related crimes and investigations compared to traditional cases. Through a survey of more than 800 public sector employees globally, the report reveals that while adoption of cryptocurrencies is on the rise, illicit uses are also on the rise, presenting significant challenges to law enforcement, regulators and the private sector. .
According to the a reportCryptocurrencies play an important role in many crime investigations, although general views on cryptocurrencies among law enforcement are mostly positive.
Investigations into cryptocurrency-related crimes tend to take longer than other types of criminal cases, despite advances in blockchain analysis tools such as those offered by Chainalysis, which help gather evidence.
newly issue The involvement of Chirag Tomar, a cryptocurrency trader accused of orchestrating thefts from customers, also highlights the growing threat of cryptocurrency theft and cybercrime in the digital age.
according to ReportsTomar allegedly abused his role in withdrawing funds by exploiting vulnerabilities in the trading platform to redirect the stolen funds to his personal accounts.
Law enforcement's investigation into Tomar's activities included a careful analysis of blockchain transactions and digital fingerprinting.
Cooperation between authorities, cryptocurrency exchanges and relevant stakeholders has been crucial in tracking the embezzled funds and identifying the culprit.
This case highlights the evolving sophistication of cybercriminals operating in the world of cryptocurrencies and underscores the urgency of strong security measures to protect digital assets.