Russia shuts down a darknet that had earned $ 263 million in cryptocurrencies

Russia shuts down a darknet that had earned $ 263 million in cryptocurrencies

Recent reports from Russia refer to the closure by law enforcement of a “carding” darknet that had already earned $ 263 million in cryptocurrencies. Carding websites offer stolen credit cards for sale that can be used to purchase items such as luxury goods or premium gift cards, which can then be exchanged for cash usually via person-to-person transactions. These credit cards are stolen from compromised web-based banking platforms and online store platforms.
According to an Elliptic report on Wednesday, the four dark web platforms had earned more than $ 263 million in popular cryptocurrencies from the sale of these stolen credit cards. The report also said that buyers were primarily using bitcoin, litecoin, and ether to pay for these cards.

Ferum Shop, one of the platforms seized by Russian Ministry of Internal Affairs officials, was the largest provider of stolen credit cards. The platform has reportedly amassed over $ 256 million from the sale of these stolen crypto cards.
Carding websites are part of darknet markets that use cryptography for money laundering activities. This latest arrest is indicative of Russian cybercrime with numerous arrests announced in recent times. In January, Russian authorities raided members of the infamous REvil ransomware gang and recovered approximately $ 5.5 million in cash and cryptocurrencies.

by Alessandro Crea
Monday 14 February 2022 15:00