DOJ indicts leaders of cybercrime ring that allegedly stole $530 million

Ivan Schwartz
February 8, 2018

USA investigators estimate the site's members meant to cause $2.2 billion worth of damage, but actual losses amounted to over $530 million. Operating with the slogan, "In Fraud We Trust", the organization directed users to individual members' websites, which offered stolen identification, financial information, malware or other illicit goods.

Members of the group would then use the forum on the dark web - part of the internet often used for illegal activity - to gather information and facilitate the sale of the stolen data, officials said. As of last March, it had nearly 11,000 registered members.

An Australian man is among 36 people arrested in connection with an worldwide identity theft ring known as a "one-stop shop for cybercriminals" that sold stolen credit card information on the dark web, leading to losses of more than $677 million, USA prosecutors say.

"As alleged in the indictment, Infraud operated like a business to facilitate cyberfraud on a global scale".

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Rybicki said over a seven-year period the organization cost U.S financial institutions upwards of $530 million. He is alleged to operate a trusted "escrow" or currency exchanging service to ensure transactions between Infraud members, according to the Department of Justice. Russian Federation generally doesn't have treaties in place with the USA and U.S. allies to extradite criminal suspects inside its borders.

Bondarenko remains at large, but the number two figure in the organization, Russian co-founder Sergey Medvedev has been arrested, according to USA officials. Medvedev, prosecutors said, has been an active Infraud member since 2010 and also holds the rank of administrator. Significantly, those arrested include alleged kingpin Medvedev.

The collaring of just over a third of the group's leadership involved agents from the US Department of Homeland Security working in junction with law enforcement agencies in Albania, Australia, France, Kosovo, Italy, Serbia, and the United Kingdom. Below is an organizational chart of those charged.

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