Israeli Cyber Crime Unit Raids Company Accused of Producing a Crypto-Stealing 'Sting Software'

Israeli law enforcement recently raided the offices of a company accused of producing software used by criminals to defraud crypto investors of millions of dollars. Some six suspects were arrested following the raid on a company that is reportedly operated by the country’s infamous crime families.

‘Sting Software’

The Israeli police’s National Cyber Crime Unit recently raided an IT company whose so-called “sting software” has helped criminal syndicates to steal millions of dollars from crypto investors. According to a Ynet News report, six individuals were arrested while dozens were taken in for questioning.

According to the report, the raided company is believed to be operated by the country’s infamous crime families. In his remarks following the raid, Dudi Katz, the head of Lahav 433’s National Cyber Crime Unit, said:

“We were able to stem the tide of this crime wave and bring down hundreds of call centers. This operation spanned internationally and was unique in scope, including cooperation with German police forces.”

In addition to German law enforcement, members of the Israel Money Laundering and Terror Financing Prohibition Authority as well as the Israeli Tax Authority were also involved in the raid.

Detained Suspect Denies Charges

As stated in the report, criminal syndicates would lure unsuspecting victims with the promise of high returns on crypto investment. The victims who showed an interest were then given purported credentials to access or control their investment portfolio. However, the report said when victims attempted to withdraw or cash out their profits they would realize that this option was not available.

Meanwhile, one unnamed suspect’s legal representatives Shay Roda and Uri Goldman said their client rejects the charges. They said as the investigations into the company continued, they would be able to relay the suspect’s “message to the relevant cyber investigators.”

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