Ransomware recovery CEO indicted for fraud involving ransom payments
The owner of MonsterCloud, a ransomware recovery firm, has been charged with wire fraud after allegedly deceiving customers by secretly paying ransoms to cybercriminals while claiming to use proprietary decryption technology. Prosecutors say Zohar Pinhasi paid attackers for decryption keys, then charged victims much more for recovery services. He faces up to 20 years in prison. Pinhasi pleaded not guilty and was released on bond.
- MonsterCloud allegedly paid ransoms despite advertising proprietary tech
- Prosecutors say contracts disclosed ransom option only as last resort
- Pinhasi charged customers far more than ransom payments
- Over $8 million in ransoms facilitated, $19 million charged
- Pinhasi pleaded not guilty and was released on bond
Sources covering this
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