Bitcoin phisher sentenced to one year in prison after stealing $360k through dark web

A Connecticut man has been sentenced to one year in prison after stealing $360,000 worth of Bitcoin via a dark web phishing scheme

Dark web user Michael Richo has been sentenced to one year and one day in prison for fraud and money laundering offences in connection with an illicit scheme to steal Bitcoins.

The 37-year-old Connecticut resident was also ordered to pay a $10,000 fine and to forfeit a number of computers and electronic devices.

Richo was also caught in possession of various precious metals and $352,500 in cash.

According to official court documents, Richo took part in an online phishing scheme to steal Bitcoins from users on dark web marketplaces.

He managed to siphon cryptocurrency out of users’ accounts by posting fake phishing links to dark web marketplaces. Once users clicked the link, they were redirected to a fake landing page that prompted them to enter their login details.

Richo would then monitor the Bitcoin account balances of users who had been compromised, proceeding to steal Bitcoins as soon as they were deposited.

In an attempt to launder the cash, he sold the Bitcoins into US dollars via his personal bank accounts and through Western Union and MoneyGram.

The court papers reveal that Richo had illegally obtained more than $365,000 through the phishing scheme after gaining access to more than 10,000 usernames and passwords.

He was originally arrested on October 5, 2016 before eventually pleading guilty in June 2017. The case was also investigated by the FBI.

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