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The LockBit group blackmailed more than $500 million from their victims and caused billions more in damages and repair/recovery costs.
By JERUSALEM POST STAFF DECEMBER 21, 2024 02:04
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(photo credit: REUTERS)
Russian-Israeli dual national Rostislav Panev is awaiting extradition to the United States from Israel for his role in the LockBit ransomware group, according to a Justice Department statement on Friday.
Panev is wanted for his role in developing the LockBit Ransomware, which takes over the targets' computer systems and locks them until the victim pays the group.
He was arrested at his home in Haifa by the Israel Police in August and is being held for extradition to the United States on charges of conspiracy to commit fraud, cybercrime, wire fraud, and other offenses.
Per the extradition request, LockBit targeted more than 2,500 victims across over 120 countries, of which 1,800 were in the US.
Half a billion in extortion
The group targeted a wide variety of institutions ranging from individuals and small businesses to multinational corporations, including hospitals, schools, nonprofit organizations, critical infrastructure, and government and law-enforcement agencies.
The group blackmailed more than $500 million from their victims and caused billions more in damages and repair/recovery costs.
Following the arrest of Panev, Israel Police discovered documents and files showing his role in developing and running the ransomware operation as well as a cryptocurrency wallet, which received $10,000 per month in dividends from their crimes.
Panev's lawyer has denied he had knowledge that his code would be used for criminal offenses and was not involved in extortion and money laundering.
The US is still seeking the remaining members of the LockBit group with a $10 million bounty for information leading to their arrest.
English (US) ·