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The Times of India
The Times of India
World
TOI World Desk

Florida cyber owner accused of misleading ransomware victims; firm charged $19M, secretly paid hackers $8M

Cybersecurity DOJ Florida Fraud FBI

A Florida cybersecurity company owner who allegedly told ransomware victims that his firm could recover encrypted data without paying hackers is now facing federal wire fraud charges. According to the US Department of Justice (DOJ), Zohar Pinhasi, 50, owner of ransomware remediation company MonsterCloud, claimed to have proprietary tools and advanced techniques for decrypting files. Prosecutors allege that his company instead paid the cybercriminals behind the attacks and charged clients substantially more for the recovery. The DOJ said Pinhasi allegedly collected more than $19 million from clients while secretly paying over $8 million in ransom.

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