COVID-19, Crypto Tech, Cryptocurrency

Crypto Guru plead guilty on Multi-Million Cyber Fraud Forum

A Russian national, Sergei Medvedev, runs a crypto currency escrow service for the $568 million payment card fraud forum that he founded in 2010, pleaded guilty to multiple charges accused US government and considered as the largest case of cyber fraud.

Medvedev, 33, stated in his June 26 plea before the U.S. Area Court for Nevada that he established and ran the Infraud Organization, a global cybercrime venture that encouraged the offer of credit card counterfeiting machine, malware and compromised record data which includes bank accounts during its multi year rule.

He additionally stated running a “crypto currency” trade and escrow service for Infraud’s 10,901 members. Arraignment in 2018 expressed Infraud members utilized the currently non-existing Liberty Reserve and bitcoin, among other “digital currency forms,” to launder their funds.

The plea did not mention Medvedev’s exchange services transacted in bitcoin or other cryptocurrencies. It states that Medvedev accrued up to $1.04 million in Liberty Reserve digital currency through May 2013.

Overall, Infraud facilitated the sale of 4 million compromised payment card numb

ers and caused its victims, American Express, Visa, MasterCard, and others to lose an actual $ 568 million, Medvedev said.

The Department of Justice closed Infraud in February 2018 and later accused 36 members of the organization as part of Operation Shadow Web.

During his capture in Thailand in 2018, Medvedev is said to have more than 100,000 bitcoin, according to the Bangkok Post.

The hearing on Medvedev’s verdict is scheduled for 9 December.

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