The cyber crime enterprise called Infraud Organization has issued a guilty plea on June 26 for racketering conspiracy. The plea was made by 33-year-old Sergey Medvedev. He is a Russian national behind the organization. He is one of the organization's co-founders. He administered the dark web carding portal. That portal created profits that exceeded $568 million.

The announcement of the guilty plea was made by the United States Department of Justice. Medvedev had a variety of pseudonyms used on the dark web. They included Stells, Segmed, Serjbear and more. A Ukrainian, Svyatoslav Bondarenko, was a leading informant. The agreement was made in front of the United States District Court Judge James C. Mahan. He is a judge in the federal District of Nevada.

This case was prosecuted under RICO. That stands for "Racketeer Influenced and Corrupt Organizations Act. It gives the government a solid set of criminal penalties for people who perform a pattern of racketeering activities, collect an unlawful amount of debt or maintain a relationship to an enterprise that interferes with interstate or foreign business actions.

The Department of Justice accused the Infraud Organization of being the leading destination for criminals who want to buy or sell counterfeit products or stolen credit card details. Those transactions were completed with cryptocurrencies.

The cartel was also accused of selling malware, banking details and illegal products. It offered an escrow service. That service facilitated digital coin transactions between members. It had a screening to ensure high-quality vendors could advertise to its members. New details show that there were about 10,901 members of the organization.

During the seven years it existed, Infraud Organization caused $2.2 billion of losses and $568 in damages. It did that to private citizens, businesses and banking institutions Medvedev was arrested in Bangkok in 2018 with 100,000 Bitcoin. At the time, it was worth $822 million. The Department of Justice has identified another 36 people for their roles in the activities. All of those individuals have been indicted. Aleksei Burkov, another Russian national, has also been accused of similar internet frauds. Vladimir Putin has an interest in him.