Sergey Medvedev, one of the key figures in the biggest cybercrime ring, has agreed to the guilty plea in the US District Court of Nevada, the Department of Justice (DoJ) revealed. The 33-year-old was a critical member of the Infraud Organization, an online crime ring engaging in financial fraud and identity theft. The US authorities said the Russian citizen was part of an operation that led to over $2.2 billion in losses to its victims.
The member of the Infraud Organisation pleads guilty.
Sergey Medvedev agreed to the guilty plea in the US District Court of Nevada, the Department of Justice (DoJ) revealed. The 33-year-old is considered a critical member of the Infraud Organization, an online crime ring engaging in financial fraud and identity theft. Infraud was launched in 2010, and until it was brought down in February 2018, it had grown to become one of the largest online fraud organizations to ever exist. Operating under the motto ‘In Fraud We Trust,’ the members of the cybercrime ring engaged in bank and payment card fraud. It was one of the largest markets for stolen credit card information.
Infraud Organization scammed over $2.1 billion from victims.
According to the Department of Justice statement, the Infraud directly stole $568 million from their victims, with the indirect losses amounting to more than $2.2 billion. The fraudsters indulged in the sale of over 4 million compromised card numbers from leading companies, including Visa, American Express, Mastercard, and Discover, “in addition to countless financial institutions located in the United States.” The DoJ further stated that Medvedev operated a cryptocurrency exchange service, which the members used to launder money. It is being alleged that Medvedev founded the illegal organization along with Svyatoslav Bondarenko, a Ukrainian who is his fellow co-defendant. Medvedev was arrested by police in Bangkok, Thailand, in February 2018. The crypto scams amid the pandemic have also increased.