Busts result in seizure of sports cars and millions of dollars in cybercrime case

The US and Europe have made significant strides in the fight against cybercrime, with major takedowns of criminal networks that defrauded people of billions of dollars. In the US, Chinese national YunHe Wang was arrested, and authorities seized assets including a Ferrari, luxury watches, and 21 properties. Meanwhile, in Europe, Europol made four arrests but stated that eight fugitives are still on the run, with plans to add them to Europe’s “most wanted” list.

Both the US Department of Justice (DoJ) and Europol claimed that their operations were the largest bust of a “botnet” in the world. Cybercriminals use botnets to take over people’s computers and install malicious software, which can be used to collect data, send spam, or even delete personal data without the owner’s knowledge.

The DoJ accused Mr. Wang of hacking into over 19 million devices across nearly 200 countries, resulting in more than 500,000 fraudulent unemployment insurance claims and a loss of over $5.9 billion. He allegedly used the proceeds to purchase luxury assets and properties in multiple countries.

Europol also made arrests in Armenia and Ukraine, taking down servers worldwide and seizing control of more than 2,000 websites. One suspect made over €69 million in cryptocurrency through ransomware attacks. The takedown operation, dubbed Operation Endgame, is ongoing, with plans for future busts to combat cybercrime.