Oleg Korneiv having citizenship of both Ukraine and Russia pleaded guilty of operating an international money laundering entity. The latter laundered millions of dollars stolen from US victims by cybercriminals around the world. The organization was called Your Mule Cashout (YMCO).

YMCO hired over 15,000 US residents as money mules. The former laundered around $10 million stolen from more than 750 bank accounts. YMCO made the money mules believe they were making genuine transfers for legitimate organizations.

It told the individuals that they would get money transferred from businesses to their personal bank accounts and their task was to withdraw the money and wire it to accounts outside the US. The money mules took out stolen proceeds and wired them to YMCO entities out of the US and did not get any payments for these services.

YMCO hired individuals utilizing websites for fake organizations that advertised job opportunities. Candidates went through a hiring procedure having an employment test, contract as well as company policy review. The money transfers were made mainly to Eastern European nations. For conducting the money laundering activities, the cybercriminals gave YMCO a percentage of the stolen money.

SOURCES:-

https://www.securityweek.com/mastermind-of-15000-mule-cybercrime-laundering-network-pleads-guilty-in-us/

https://therecord.media/leader-of-money-mule-operation-for-cybercriminals-pleads-guilty

https://www.wusa9.com/article/news/nation-world/guilty-plea-money-laundering-15k-us-mules-hacked-funds/507-62879000-2efa-4484-8018-433fe3ea0ea3

https://www.justice.gov/opa/pr/ukrainian-russian-dual-citizen-pleads-guilty-running-international-money-laundering