The Ukrainian police, in collaboration with Europol, recently apprehended the alleged mastermind behind a cryptojacking scheme. According to a statement released by Europol, the arrest underscores why the private sector should collaborate with law enforcement.
Law Enforcement and Private Sector Collaboration
The Ukrainian police recently arrested a 29-year-old man accused of masterminding a complex cryptojacking scheme. The unnamed man, who was apprehended in Mykolaiv, is believed to have mined cryptocurrencies worth over $2 million using illegally accessed cloud resources.
According to a statement released via European Police (Europol), the alleged cryptojacker’s arrest followed months of collaboration between Ukrainian law enforcement, Europol and an unidentified cloud services provider. The statement said the arrest underscores why the private sector should collaborate with law enforcement.
Explaining how the probe, which saw law enforcement agents comb three properties associated with the cryptojacker, unfolded, Europol said:
“A cloud provider approached Europol back in January 2023 with information regarding compromised cloud user accounts of theirs. Europol shared this information with the Ukrainian authorities, who subsequently opened an investigation.”
On the day of the arrest, the European Cybercrime Centre (EC3) of the law enforcement agency set up a command post to support the National Police of Ukraine.
Meanwhile, in the statement, Europol shared some anti-cryptojacking tips that cloud service providers can use to stop criminals from illegally accessing cloud computing infrastructure. One way cloud providers can do this is by having strong access controls in place.
Cloud service providers can also block cryptojackers by regularly monitoring cloud environments for suspicious activities and keeping cloud resources updated, the statement added.
What are your thoughts on this story? Let us know what you think in the comments section below.
#Regulation, #Crypto, #CryptoMining, #Cryptocurrency, #Cryptojacking, #Europol, #LawEnforcement