Canadian police seizes Bitcoin worth $28 million from an ex-government employee who has been handed over to the US. The accused was charged with ransomware attacks resulting in millions of dollars in payments. This shows how criminals use cryptocurrencies as a way to harm society. But that doesn’t mean that it is untrackable, and like fiat, it can also be traced, and criminals can be indicted.
Canadian police seize Bitcoin worth $28 million from ex-government employee
The Canadian police arrested the accused last year on Jan 27, and recently went the police searched his home, they discovered 719 Bitcoins worth around $28 million.
After this, the US Department of Justice announced that an ex-government employee from Canada had been extradited to the US. He now faces charges for making ransomware attacks and collecting millions of dollars in payments for the same. The accused intentionally damaged a protected computer and demanded a ransom in the process between April and December 2020, reported the DOJ.
The charges on the accused Sebastien Vachon-Desjardins are as follows. He conspired to commit computer and wire fraud while intentionally damaging a protected computer and was involved in the ransomware attack called Netwalker. With his involvement, it is clear that the accused will be punished properly if the charges are proven.
After this, the Criminal division of the US Justice Department also informed that they would make sure to seize every proceed of ransomware in the US and abroad. They will also make sure that cryptocurrency is not used as a means to evade the law.
About Netwalker ransomware
The NetWalker ransomware was first detected in August 2019, and it was given the name Mailto because of the extension that was applied to encrypted files, but an investigation of one of its decryptors revealed that it is actually called NetWalker.
NetWalker has been observed to propagate in two ways. It infiltrates the network and encrypts all linked Windows devices. When NetWalker is run, it employs an embedded configuration that includes a ransom note, file names for the ransom note, and other parameters.
What are your thoughts as Canadian police seizes Bitcoin worth $28 million from an ex-government employee? And do you think that with regulation, the cases where crypto is used in such ways will drop? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Dubai is regulating crypto-assets and plans to become a key player.
