- U.S. seizes 145 domains and crypto assets in major BidenCash cybercrime bust.
- BidenCash dark web marketplace shut down after $17 million in illegal transactions.
- Global law enforcement collaboration leads to arrests and disruption of stolen data sales.
In a major crackdown on cybercrime, U.S. authorities have seized 145 internet domains and an undisclosed amount of cryptocurrency connected to the illegal dark web marketplace known as BidenCash. This part of the case which was revealed by the U.S. Attorney’s Office on June 5, is part of a wider effort aimed at stopping the access and sale of stolen credit card data and personal information online.
BidenCash Marketplace Shut Down After $17M in Illegal Transactions
BidenCash opened for business in March 2022 and soon transformed into a major platform for selling information that was not supposed to be public. With the platform, millions of payment card numbers and personal details like names, addresses, phone numbers and email addresses could be bought and sold. Officials stated that the site had almost 117,000 members and made over $17 million before it was shut down.
The BidenCash platform was not provided for free. Those running the site charged users fees for each transaction they completed. With time, many crooks found an attractive home for their scams centered around stolen data. Even more disturbing, the marketplace released tens of millions of stolen credit card records for no charge between October 2022 and February 2023 to motivate users to trust them.
All users who visit the 145 domains will now be connected to a server managed by law enforcement. Because of this, criminal activity on those sites is no longer possible. Besides, the U.S. was granted court authorization to declare funds linked to the platform as forfeitable cryptocurrency. They helped the group charge users for stolen data.
According to the court papers, registered users on the platform could also purchase login details. Such credentials can let an attacker access your accounts without permission. As a result, this leads to more security problems and threats.
Crypto Funds Seized in Major BidenCash Cybercrime Investigation
The lead in this operation initially came from the U.S. Secret Service’s Frankfurt Resident Office. Subsequently, the Secret Service’s Cyber Investigative Section and the FBI’s Albuquerque Field Office played key roles in advancing the investigation. The investigation’s leader, U.S. Attorney Erik S. Siebert, Resident Agent John Szydlik and Acting Special Agent Philip Russell formally revealed the arrests.
In addition to U.S. efforts, many countries worked together to help with the investigation. Examples are the Dutch National High Tech Crime Unit, The Shadowserver Foundation and Searchlight Cyber. The success in finding the illegal network and shutting it down was greatly influenced by their good work.
Therefore, the event proves the necessity of nations worldwide joining efforts to tackle cybercrime. It reveals that trafficking done on the dark web is not beyond authorities in finding and punishing the criminals.
All things considered, the shutdown of BidenCash sends a powerful warning to cyber attackers worldwide. Online illegal activities are monitored very closely by the United States and its partners, who will respond. Since 145 domains were closed and crypto funds seized, cyber criminals have faced a major setback. This shows that law enforcement is getting better at stopping online crime.
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