Crypto cyber gang FIN9 indicted in a $71m operation

The FBI has accused four members of the infamous FIN9 group of carrying out crypto-related hacking attacks against US companies, resulting in losses of over $71 million.

FIN9 members (Ta Van Tai, Nguyen Viet Quoc, Nguyen Trang Xuyen and Nguyen Van Truong) allegedly infiltrated the computer networks of various US companies.

Between May 2018 and October 2021, non-public information was stolen, including proprietary data regarding employee benefits and funds.

According to the indictment, cybercriminal members infiltrated company networks through phishing campaigns and supply chain attacks.

The indictment details how FIN9 members gained unauthorized access to company networks through phishing campaigns and supply chain attacks.

Once inside, they planted malware, stole sensitive data, and extorted money from their victims. They diverted digital employee benefits, such as gift cards, to accounts under their control and stole gift card information from specific victims.

The defendants also stole personal information and credit card information from employees and customers of the targeted companies. To hide their identities, they used the stolen information to open online accounts at cryptocurrency exchanges or hosting companies.

Tai, Xuyen, and Truong allegedly sold the stolen gift cards to third parties through an account registered in a fake name on a peer-to-peer cryptocurrency marketplace.

The group’s operations specifically targeted a wide range of U.S. companies, including those in the technology, manufacturing and financial sectors.

FBI vs FIN9

This effort was led by the FBI’s Newark Cyber ​​Team, led by Special Agent in Charge James E. Dennehy.

The FBI Little Rock Cyber ​​Team, under the direction of Special Agent in Charge Alicia D. Corder, assisted in the investigation. The case is being prosecuted by Assistant U.S. Attorneys Anthony P. Torntore and Vinay S. Limbachia of the U.S. Attorney’s Cyber ​​Crime Unit in Newark.

The defendants face a variety of charges in connection with their alleged actions, including conspiracy to commit fraud, extortion, and related activities involving computers, which carry a maximum penalty of up to 5 years in prison.

They also face charges of conspiracy to commit wire fraud; This can lead to a maximum sentence of up to 20 years behind bars. They are also charged with intentional damage to a protected computer, which carries a maximum prison sentence of up to 10 years on each charge.

Other charges include conspiracy to commit money laundering, which carries a maximum prison sentence of up to 20 years for defendants Tai, Xuyen and Truong.

Aggravated identity theft carries a consecutive two-year prison sentence for Tai and Quoc, while conspiracy to commit identity fraud could result in a maximum sentence of up to 15 years in prison.

U.S. Attorney Philip R. Sellinger highlighted the Justice Department’s success in identifying defendants despite their attempts to evade detection through technology.

He emphasized that they used keyboards, VPNs and fake IDs in their operations, but that the Ministry of Justice was able to track them. Sellinger sent a clear message to cybercriminals worldwide by reaffirming his office’s commitment to pursuing justice for victims.

Special Agent in Charge James E. Dennehy of the FBI’s Newark office emphasized the challenges posed by cyber actors operating in the virtual world and often evading detection.

He highlighted the sensitive and innovative methods used by FBI Newark’s Cyber ​​Task Force and law enforcement partners to identify these individuals and label them as mere thieves. Dennehy urged businesses and organizations that have been subjected to similar attacks to immediately contact law enforcement to protect their systems and prevent further victimization.

This indictment represents a key component of broader U.S. law enforcement initiatives aimed at disrupting sophisticated cybercrime groups like FIN9. The FBI drew attention to the increasing danger posed by these groups, which are known for using advanced techniques and tools when carrying out cyber attacks.

Crypto crimes are on the rise

A recent Chainaliz report highlights the increasing complexity and resource demands associated with cryptocurrency-related crimes and investigations compared to traditional cases. The report, which surveyed more than 800 public sector workers worldwide, finds that as cryptocurrency adoption increases, so do illicit uses, posing significant challenges for law enforcement, regulators and the private sector.

According to the report, cryptocurrency plays an important role in many criminal investigations, but law enforcement’s overall views on crypto are mostly positive.

Despite advances in blockchain analytics tools, such as those offered by Chainalytics, that help gather evidence, investigations into crypto-related crimes still take more time than other criminal cases.

A recent case involving cryptocurrency trader Chirag Tomar, who was accused of arranging theft from customers, also highlights the increasing threat of cryptocurrency theft and cybercrime in the digital age.

According to reports, Tomar allegedly abused his role of siphoning funds by exploiting vulnerabilities in the trading platform to divert the stolen money to his personal accounts.

Law enforcement’s investigation into Tomar’s activities included a meticulous analysis of blockchain transactions and digital footprints.

Cooperation between authorities, cryptocurrency exchanges and relevant stakeholders was crucial in tracking misappropriated funds and identifying the perpetrator.

This case highlights the evolving sophistication of cybercriminals operating in the cryptocurrency space and highlights the urgent need for robust security measures to protect digital assets.