The US Department of Justice said Oleg Korniev, 42, pleaded guilty to helping lead Your Mule Cashout (YMCO). A money mule is a person who moves stolen money for criminals. The department said YMCO recruited over 15,000 mules in the US to launder at least $10 million that hackers took from over 750 US bank accounts. BleepingComputer reported the plea came on Thursday. The department said Korniev admitted he laundered at least $7 million.
The department said hackers paid YMCO a share of what they stole. Stolen money landed in a mule's personal account. The mule took it out and wired it abroad. BleepingComputer reported that the mules allegedly sent it through Western Union and MoneyGram to contractors in Moldova, Ukraine, Russia or Latvia. The department said the mules thought they had real jobs and were never paid. Sentencing has no date yet, and Korniev faces two to 50 years. The sources do not say how the hackers got into the bank accounts.
The case shows that stealing the money is only half the crime. Getting it out depends on ordinary accounts held by people who believe they have jobs. The department said confirmed victims lost, or were meant to lose, more than $14.7 million. Banks and finance teams can ask two things. What controls catch payments into accounts that look ordinary? How fast can a stolen transfer be pulled back?