Florida ransomware expert allegedly sent over $8m in ransom payments
A Florida cybersecurity expert has been charged with fraud for allegedly misleading ransomware victims. Prosecutors say Zohar Pinhasi claimed his company could recover encrypted data without paying hackers but secretly sent over $8 million in ransom payments while charging clients more than $19 million. He faces three federal charges carrying up to 20 years in prison each.
Florida-based ransomware remediation firm MonsterCloud and its 50-year-old owner, Zohar Pinhasi, have been charged with fraud by federal prosecutors. Pinhasi allegedly paid over $8 million in ransom payments to cybercriminals while charging his clients significantly more. The indictment alleges that Pinhasi did not possess the decryption technology he claimed to offer, instead negotiating with the attackers and charging clients up to $150,000 for $8,200 ransom payments.
The scheme allegedly netted MonsterCloud more than $19 million from clients and $8 million paid to cybercriminals. The charges stem from businesses that had already suffered ransomware attacks approaching MonsterCloud for help, despite the company's claims of being able to recover encrypted data without paying ransoms.
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