Tuesday, December 6, 2022
HomeLaw & PoliticsRussian based accused in Ryuk Ransomware case for laundering over $400,000 pleaded...

Russian based accused in Ryuk Ransomware case for laundering over $400,000 pleaded not guilty by US court

After being extradited from the Netherlands, a Russian-based accused Denis Mihaqloviv Dubnikov, age 29, appeared in front of a judge in the state of Oregon for laundering more than $400,000. He was accused of hiding cryptocurrency that were extorted from victims of Ryuk ransomware attacks between August 2018 and August 2021. He pleaded not guilty to the charges.

According to the Department of Justice (DOJ), the maximum punishment he may get for his crime is twenty years in jail if he is proven guilty.

The Ryuk ransomware attacks caused disruption at a number of hospitals throughout the United States, one of which being the Sky Lakes Medical Center in Klamath Falls, Oregon. The indictment indicates that there were a number of victims in the state of Oregon.

As part of a larger plan involving at least $70 million, the suspect and his alleged accomplices are suspected of engaging in money laundering activities in connection with ransom payments received from victims of the assaults, as stated in an article published by the Seattle Times.

Because of the cryptocurrency exchange Suex’s suspected involvement in a ransomware attack, the United States Treasury Department issued penalties on it in September of last year.

The authorities said that the penalties were the first of their kind to be levied on a digital currency exchange for acts related to ransomware.

The Treasury Department said that ransomware assaults cost over $400 million in 2020 alone, which is four times as much as the amount in the previous year. In these kinds of assaults, hackers will often restrict access to important applications in exchange for cryptocurrencies like Bitcoin (BTC).

Since the significant cyberattacks, the United States government has implemented new policies and procedures. Companies that operate vital infrastructure and are government contractors are required to report any intrusions in order to protect themselves from legal repercussions.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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