A man from Ukraine has been arrested for using a hosting company’s servers to mine cryptocurrency without permission, according to a June 4 statement by the country’s police officers.
Authorities reported the 35-year-old, who lives in the Poltava region, had been looking for weak spots in the digital systems of various companies since at least 2018.
Police claimed he gained access to over 5,000 user accounts at one international hosting service that rents out servers for websites and online tools.
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After gaining access to the accounts, he allegedly set up virtual machines and installed mining software to generate cryptocurrency, using the company’s resources without paying for them.
This type of activity, also known as cryptojacking, reportedly resulted in over $4.4 million in losses for the hosting company.
When police searched the suspect’s home, they found laptops, phones, banking cards, and other equipment. Investigators said the devices contained information linked to illegal activity, including email account details, cryptocurrency wallets, and programs used to remotely manage and control mining operations.
The suspect had reportedly been moving between different locations in the Poltava, Odesa, Zaporizhia, and Dnipropetrovsk regions to evade capture.
The man has been charged with unlawfully interfering with electronic communications networks. If found guilty, he could face up to 15 years in prison.
On May 21, Jacob Irwin-Cline, a US tourist, lost $123,000 in XRP
$2.25
and BTC
$105,157.00
after getting into a fake Uber. How did it happen? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
