Fake Decryption Tools Masked $11M Markup in Ransomware Recovery Scheme
The owner of a US company was charged with defrauding clients through a ransomware remediation scheme.
Zohar Pinhasi, 50, the owner of MonsterCloud, a US and Israeli national also known as ‘Zack Silver’ and ‘Zack Green’, appeared in a New York court to face wire fraud charges.
According to the indictment, Pinhasi claimed that MonsterCloud could help organizations that fell victim to ransomware to recover their data without paying the attackers.
While cautioning ransomware victims not to pay the attackers, Pinhasi allegedly falsely claimed his company could decrypt ransomware.
Pinhasi allegedly claimed that MonsterCloud was using proprietary tools and advanced decryption techniques to recover encrypted data without paying the attackers.
Instead, he contacted the ransomware groups that hacked his clients, paid ransoms to obtain the decryption keys, and then charged the victim organizations a fee when using the decryption key to restore the data.
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