Ransomware consultant said he would decrypt data, is accused of paying ransoms instead
The owner of a ransomware remediation company is facing trial for defrauding customers. Zohar Pinhasi, also known as “Zack Silver” and “Zack Green,” has been arraigned in New York on wire fraud charges for allegedly defrauding clients of his ransomware remediation company, MonsterCloud. Pinhasi falsely claimed he could recover documents encrypted by ransomware without paying a ransom, according…
Zohar Pinhasi, also known as "Zack Silver" and "Zack Green," is accused of defrauding customers who hired his ransomware remediation company, MonsterCloud, according to district attorney Joseph Nocella. Pinhasi falsely claimed he could recover documents encrypted by ransomware without payment, stating that his company "specializes in helping businesses recover their data without succumbing to ransom demands."
However, the indictment alleges that Pinhasi, rather than using any technology, paid the cybercriminals in exchange for a decryption key. For instance, in 2023, Pinhasi paid $8,200 to a cybercriminal while charging a client $150,000. Clients may have chosen to use MonsterCloud due to government advice against paying ransoms, as it could encourage more attacks and potentially lead to criminal charges.
Additionally, some clients may be enticed by the promise of protection from bad publicity and regulatory sanctions.
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