US and Europe destroy illegal online market selling stolen data

Western law enforcement announced Tuesday (April 12) that an online marketplace used to buy and sell hacked and stolen personal data belonging to millions of people has been shut down.

Law enforcement in Europe and the United States said RaidForums stores sensitive financial information, including millions of credit card numbers and other sensitive data belonging to Americans and others all over the world. the world, and acted as a major online marketplace for hackers.

How did the Criminal Marketplace RaidForums work?

RaidForums was founded in 2015 and quickly rose to fame among criminals for providing access to high-profile database leaks that could be exploited to facilitate crimes like fraud.

But there is a catch. It was discovered on the open web rather than the darknet, according to the report by yahoo.

Europol said RaidForums has more than 530,000 visitors, making it one of the largest illicit marketplaces of its kind in the world and a powerful tool for low- to mid-level cybercriminals. Its data was collected as a result of data breaches and other cybercrimes over the past few years.

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CBS mentioned that the US Department of Justice said the hundreds of databases contained stolen banking and account routing information, login credentials and social security numbers, in addition to credit card numbers. Information from UK companies was among the data the hackers bought and sold.

Investigators found that RaidForums had a membership program in place. Its users have to pay up to 10 euros to access chat rooms where they can share images and material related to cybercrime.

People allegedly involved in RaidForums have been arrested

According to Yahoo, Diego Santos Coelho, the founder and chief administrator of RaidForums, was arrested in the UK on January 31 at the request of the United States and remains in custody pending extradition.

Coelho is charged with conspiracy, access device fraud and aggravated identity theft in a six-count indictment. According to the indictment, Coelho also personally enabled illegal sales by operating a paid “official intermediary” service through which he assisted others in buying and selling data by confirming the method of payment and files transferred before authorizing the transaction.

Coelho reportedly controlled and operated as chief administrator of RaidForums for the past seven years, which he ran with the help of other website administrators, CNET reported.

The National Crime Agency (NCA) said separately that a 21-year-old man was arrested by police after being suspected of being one of the site’s founders. He was arrested at his home in Croydon last month.

While he was later released, authorities seized £5,000 in cash, thousands of dollars in US currency and froze his crypto assets worth over half a million dollars.

Additionally, CNET mentioned that a judge recently granted the United States permission to confiscate three domains hosting the RaidForums website.

The takedown of the internet platform involves police from the UK, US, Germany, Sweden, Portugal and Romania.

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