Crackdown on Online Criminal Activity
In a significant crackdown on online criminal activity, U.S. authorities have executed a seizure of 145 internet domains along with unspecified cryptocurrency associated with BidenCash, an illicit marketplace operating on the dark web. This platform, which has been active since March 2022, was infamous for facilitating the trade of millions of stolen credit card numbers and personal information.
According to the Eastern District of Virginia’s U.S. Attorney’s Office, BidenCash catered to over 117,000 customers and generated an estimated $17 million in revenue within two years by enabling the completion of over 15 million credit card transactions.
Seizure and Operational Halt
As part of the enforcement action, the seized websites will become non-operational, with all access redirected to servers controlled by law enforcement, effectively halting any ongoing illegal activities. The U.S. government also affirmed that it obtained legal permissions to confiscate cryptocurrency linked to BidenCash.
Marketplace Operations
BidenCash’s operators implemented transaction fees for their services and provided users access to a stolen treasure trove of financial data, including login credentials for breached servers. To bolster their user base and enhance credibility among cybercriminals, the marketplace engaged in promotional strategies such as releasing large quantities of stolen data for free.
Between late 2022 and early 2023, it is reported that BidenCash published approximately 3.3 million records containing sensitive credit card information, which included card numbers, CVVs, account names, email addresses, and mailing addresses.
This tactic aimed to maintain user engagement, particularly following service disruptions caused by Distributed Denial-of-Service (DDoS) attacks, which overwhelm websites or servers with excessive traffic to render them inaccessible, as highlighted by cybersecurity experts at SOCRadar.
Broader Efforts Against Cryptocurrency Crimes
This operation forms part of a broader effort to combat operations utilizing cryptocurrencies for illegal activities. Just last month, a coordinated initiative codenamed Operation RapTor resulted in significant law enforcement advancements, leading to the arrest of 270 individuals across ten different nations, the confiscation of assets worth $200 million—including vast amounts of cryptocurrency—and the dismantling of numerous dark web drug trafficking networks.
