Five men have been charged by the U.S. Department of Justice for allegedly phishing employees of several companies.
According to an announcement made by the Department of Justice recently, the men allegedly used the information they obtained from the companies in the United States. They sent phishing texts and collected employee credentials. Akil Davis explains that the men are alleged to have used the obtained data “as a gateway to steal millions in their cryptocurrency accounts.”
The five young men—aged from 20 to 25—are charged by a federal grand jury indictment with one count of conspiracy to commit wire fraud, one count of conspiracy, and one count of aggravated identity theft. Some of the alleged conspirators had already been charged and pleaded guilty.
You can also find out more about Per ReutersThe five were alleged members of “Scattered Spider,” The group responsible for the attacks on MGM Resorts International and Caesars Entertainment. The group usually engages in "data theft for extortion using multiple social engineering techniques," According to an FBI advisory from 2023, ransomware is also used.
If convicted, each defendant may face a maximum 20-year sentence for conspiracy to perpetrate wire fraud. The sentence could also be up to five years if it is a conspiracy.
Martin Estrada, United States attorney, explained the authorities “allege that this group of cybercriminals perpetrated a sophisticated scheme to steal intellectual property and proprietary information worth tens of millions of dollars.” He emphasized that “phishing and hacking has become increasingly sophisticated and can result in enormous losses.”
Estrada suggests that “if something about the text or email you received or website you’re viewing seems off, it probably is.” Ses comments resemble the sentiments expressed in reports by cybersecurity professionals.
The number of crypto phishing attacks is on the rise
It follows reports that a Pepe user lost $1.4 million when they unknowingly signed a Permit2 off-chain signature after being hit by a spear phishing email. Colorado authorities recently reported that crypto scammers were able, in another incident, to scam residents, stealing thousands. Bitcoin.
Kaspersky, a Russian antivirus and cybersecurity provider, reported that phishing incidents had risen by 40% over the past year. At the same time, there was a decrease in the detection of traditional financial threats—showing a likely shift in strategies by bad actors.
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