Connect with us
DAPA Banner

Crypto World

FBI and Indonesia Team Up to Take Down $20 Million Fraud Network

Published

on

FBI and Indonesia Team Up to Take Down $20 Million Fraud Network

FBI Atlanta and Indonesian National Police dismantled the W3LL phishing network. Authorities seized key infrastructure tied to more than $20 million in fraud attempts.

The joint operation was the first US-Indonesia law enforcement cooperation to shut down a hacking platform. Authorities also detained the alleged developer in Indonesia. The US Attorney’s Office for the Northern District of Georgia supported the case.

How the W3LL Phishing Network Operated

The W3LL phishing kit allowed criminals to build fake login pages that closely mimicked legitimate websites. For roughly $500, attackers purchased access through an underground marketplace called W3LLSTORE.

An estimated 500 threat actors actively used the tools, turning the platform into a structured cybercrime operation. However, its most dangerous capability was adversary-in-the-middle techniques.

Advertisement

Hackers intercepted login sessions in real time, capturing authentication tokens alongside passwords. Even accounts protected by multi-factor authentication were compromised as a result.

Between 2019 and 2023, W3LLSTORE facilitated the sale of more than 25,000 stolen credentials. After the marketplace shut down, operators migrated to encrypted messaging apps and continued distributing the rebranded tool.

From 2023 to 2024, the kit targeted more than 17,000 victims worldwide.

Advertisement

US-Indonesia Security Ties Deepen

The FBI operation coincides with broader bilateral security alignment. On April 13, both nations announced the Major Defense Cooperation Partnership.

The framework covers military modernization, professional education, and joint exercises across the Indo-Pacific.

Meanwhile, phishing remains a persistent threat to digital asset holders. Crypto investors lost over $300 million to phishing in January 2026 alone.

Advertisement

The W3LL case highlights how phishing-as-a-service platforms continue to scale fraud operations globally.

The post FBI and Indonesia Team Up to Take Down $20 Million Fraud Network appeared first on BeInCrypto.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

StarkWare Cuts Jobs, Restructures Around Revenue Push

Published

on

StarkWare Cuts Jobs, Restructures Around Revenue Push

Zero-knowledge scaling company StarkWare is cutting jobs and restructuring its operations as it shifts from infrastructure development toward revenue-generating products. 

CEO Eli Ben-Sasson said in internal remarks that the firm will split into two business units and cut headcount to move faster and operate more efficiently, with one unit focused on applications and the other on Starknet development.

Ben-Sasson said the company would adopt a “startup mode” mindset, prioritizing fewer initiatives with higher revenue potential, while warning that downsizing would affect employees across the organization. StarkWare did not disclose how many employees would be affected by the cuts.

The move reflects a wider retrenchment across crypto firms, which have been trimming headcount and narrowing priorities as they chase clearer product-market fit, stronger monetization and leaner operations. Messari, Algorand Foundation and Crypto.com all announced cuts in March.

Advertisement
Source: Eli Ben-Sasson

StarkWare says technical edge must translate into revenue

Ben-Sasson said StarkWare’s next phase would center on turning its technology into “meaningful revenue” and “meaningful usage,” arguing that the company could no longer rely mainly on external blockchains or third-party teams to prove the value of its stack.

Ben-Sasson said the company would focus on “fewer things excellently” and prioritize products with revenue potential that can be built only on its technological stack. 

Related: Decentralized email platform Dmail to cease services on May 15

“We’re going to achieve this by innovating across not just infrastructure, as we’ve done so far, but across the whole stack of infrastructure and product,” he said. 

Crypto layoffs continue as firms tighten strategy

StarkWare’s cuts follow other recent layoffs across the crypto sector as firms narrow priorities and reshape operations. On March 17, Messari announced layoffs alongside a leadership change as the company moved deeper into artificial intelligence-powered research and data tools for institutions. 

Advertisement

On March 19, the Algorand Foundation said it would cut 25% of its employees, citing macro uncertainty and the broader crypto downturn. The organization said the move was aimed at better aligning resources with its long-term business, technology and ecosystem priorities.

On the same day, Crypto.com also announced a 12% reduction of its workforce as part of a broader push into AI. The exchange said the layoffs were tied to company-wide AI integration and a decision to prioritize resources around key growth areas.

Magazine: Asia Express: Phantom Bitcoin checks, China tracks tax on blockchain

Advertisement